Prices of bicoin and most other major cryptos were flat as investors worried that a stubbornly tight labor market would continue to present an obstacle to taming inflation. GWilliamsJr_CMT writes
Crypto markets were trading mostly sideways, with some major tokens up a little but others falling slightly after the latest jobs data showed labor markets remaining stubbornly tight.
Strong jobs data, which is generally an economic boom, has counterintuitively weighed against asset prices because a strong employment environment leads to higher prices as organizations ratchet up wages to recruit and retain scarce talent. Other relevant economic data on Thursday showed that U.S. Gross Domestic Product grew at an estimated 2.7% in the second quarter, versus expectations for 2.9% growth.
The minutes from the Federal Open Market Committee’s latest meeting earlier this month, released on Wednesday, emphasized the same with more than 10 separate references to either inflation or wage growth as “elevated.” Crypto markets will continue to scrutinize the Federal Reserve governors’ evolving inflation prescriptions, particularly if price increases fall outside expectations.
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