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Ethereum Classic (CRYPTO: ETC) is trading lower by 5.18% to $20.42 Friday afternoon. Several altcoins are falling Friday as the broader global market faces challenges, largely due to weaker-than-anticipated employment data from the U.S..
The U.S. jobs report showed weaker-than-expected job creation and an increase in unemployment, which raised concerns about the health of the U.S. economy. This slower economic growth can lead to lower investor confidence and a shift in investment strategies.
When economic indicators come in worse than expected, it can trigger a flight to safety, with investors pulling funds from more volatile assets like cryptocurrencies and reallocating them into safer investments, such as government bonds or gold.
Read Also: Kamala Harris Must Address Crypto To Compete With Trump’s Pro-Bitcoin Agenda, Think Tank Warns
The cooler-than-expected jobs data has influenced expectations about future Federal Reserve actions. The market now anticipates a higher likelihood of a significant rate cut in September, with the probability of a 50-basis-point cut rising sharply.
Although rate cuts can be positive for equities, they can create uncertainty and volatility in riskier asset classes, including cryptocurrencies. This uncertainty can lead to increased selling pressure in the crypto markets, as investors react to the shifting expectations and potential economic instability.
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Posted In: $ETC
