Best Crypto to Buy Now September 1 – Maker, Toncoin, Tron
U.S. employers added more jobs than expected last month, according to the monthly employment report released Friday by the Labor Department.
The report showed nonfarm payrolls rose by 187,000 in August, exceeding economists' consensus estimate of 170,000. The unemployment rate held steady at 3.7%.
Considering the current job market dynamics, what are the best cryptos to buy now?
The stronger-than-forecast jobs growth could impact the Federal Reserve's upcoming decision on interest rates at its September 20-21 policy meeting.
Tighter labor market conditions may add pressure on the Fed to continue raising rates aggressively to combat high inflation.
In reaction to the hotter jobs data, Bitcoin's price has dipped below the $26,000 support. The leading cryptocurrency is currently trading at $25,758 with a decrease of 0.69% so far today.
The Fed is monitoring employment and inflation closely as it seeks to fulfill its dual mandate.
While strong job growth is normally welcome news, some economists argue the central bank needs to see a clear slowdown before it can ease up on rate hikes.
For now, the stronger August jobs numbers will keep the pressure on the Fed to continue its tightening path to restrain inflation running near 40-year highs.
The next rate decision will come at the September 20-21 Federal Open Market Committee meeting.
Given the present economic situation, Maker, Wall Street Memes, Toncoin, Launchpad XYZ, and Tron are some of the best cryptos to buy now thanks to their strong fundamentals and/or optimistic technical analysis.
Maker (MKR) continues to navigate a challenging resistance zone between $1,153 and $1,187, punctuated by the Fib 0.786 level at $1,188.
Despite a slight dip of 1.30% so far today, MKR is showing signs
Read more on cryptonews.com
