Crypto Price Today 8th Oct: Market Trapped In Uncertainty

Crypto Price Today 8th Oct:— Earlier today, the crypto market was painted in red following the recent sell-off. However, by the press time, the Bitcoin price is currently trading at $19498 and is down by only 0.15%. A Doji type candle in the daily chart reflects uncertainty among the market participants.

Even major altcoins continue to follow Bitcoin and have offset their intraday losses. The Ethereum price is down 0.3% and currently trades at $1326

Some major cryptocurrencies such as Solana(SOL) dropped 0.3%, Avalanche(AVAX) fell 0.22% and Cardano(ADA) witnessed 0.18% gains.

Furthermore, Uniswap(UNI) token is one of the top losers registering a 2.36% loss, and currently trades at $6.63

However, in the last 24th, the XRP price has maintained a gain of 5.89% as whales show their strong interest.

Why The Ongoing uncertainty?

The recently revealed non-farm payroll data for September projected that the U.S. unemployment rate fell to 3.5%, less than the expected 3.7%. Thus, this strong labor-market report gives the Fed now one less reason to ease interest rates.

With an expectation for another high-interest hike in November, the market reacted negatively and caused a significant drop in the last few days.

However, even though the expectation of more interest hikes caused panic selling in the market, U.S. president Joe Biden highlights this factor positively. In his recent tweet on Friday, he said, “Today’s jobs numbers are an encouraging sign that we are transitioning to stable, steady growth.”

Therefore, with the U.S. unemployment rate showing underlying growth in the economy, the bearish market sentiment eased off. 

Events That May Adversely Affect The Market

The Organization of Petroleum Exporting Countries’ decision to limit its collective output has caused an oil price hike and should negatively impact borrowing countries’ economies.

Moreover, the Russia and Ukraine war is still in heat, fueling the overall negative sentiment across the crypto market.