Best Crypto to Buy Today 9 March – LHINU, SHIB, FGHT, TON, CCHG, TARO
As the release of US Nonfarm Payrolls (NFP) data approaches tomorrow, the crypto market is seeing a downturn today, and investors are preparing themselves for the unknown. The NFP measures the number of US workers, excluding individuals in farming, private households, non-profits, and active military personnel.
The Bureau of Labor Statistics produces a monthly report on the “Employment Situation” based on surveys of private and public entities throughout the US. As investors eagerly anticipate the release of US NFP data what are the best cryptos to buy today?
The NFP is expected to add 210,000 jobs in February, a much lower figure than the surprise increase of 517,000 jobs in January. Policymakers use the NFP data to make informed decisions on the state of the US economy and to forecast future economic activity.
An increase in job numbers suggests the economy is growing, of course, and spending is expected to rise, potentially driving inflation higher–which is viewed as negative for the economy. Analysts predict that the Federal Reserve may continue its aggressive interest rate hikes if jobs and inflation numbers exceed expectations. This, in turn, could increase the selling pressure on risk assets such as Bitcoin and other cryptocurrencies.
In addition to NFP data, the recent hawkish remarks from US Federal Reserve Chair Jerome Powell have dampened the market's mood. Powell stated that inflationary pressures are running higher than expected, and with the latest economic data coming in stronger than anticipated, the ultimate level of interest rates may be higher than previously expected. Analysts are pricing in a 50 basis point hike in March, rather than 25.
As the NFP data release approaches, Bitcoin's position appears
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