Crypto Daily Report – December 2
The Bureau of Labor Statistics’ (BLS) November employment report points to a hotter-than-expected labor market, inciting fears of higher rates for longer in markets. Non-farm payroll employment increased by 263k (vs 200k consensus), while the unemployment rate remained at 3.7%. Traditional markets reacted negatively to the news, with ^SPX (-0.5%) and QQQ 1.14% (-1.0%) opening lower before rebounding 4,055 and 291, respectively. Crypto markets were equally affected, with BTC (-0.3%) and ETH (+0.4%) dipping before bouncing to $17.0k and $1.28k. Among the Top 100, FTM, HT, and APE appreciated the most in the past week. Andre revealed Fantom’s 30-year runway earlier this week, while Huobi benefitted from airdrop speculation for Justin Sun’s impending Dominica coin. On the other hand, Apecoin’s surge can be attributed to staking rewards for APE, BAYC and MAYC holders going live on 12/12.Â