Bitcoin & Ethereum Price Predictions: Non-Farm Payrolls Turn Sentiment Bearish — How Low Can BTC & ETH Go?

cryptonews.com:

The crypto markets have been in a state of flux over the past few weeks, with Bitcoin and Ethereum prices both experiencing significant drops. This has been largely attributed to the recent US non-farm payrolls report, which showed stronger-than-expected job growth. As a result, sentiment in the markets has shifted to bearish and investors are now wondering how low Bitcoin and Ethereum prices could go. 

In this article, we will take a look at some of the current price predictions for Bitcoin and Ethereum and discuss what factors might influence their future performance.

The US Labor Department recently reported that, after taking into account seasonal changes, there was an increase of 517,000 non-farm jobs in the month of January. According to economists' predictions, there was expected to be an increase in employment of 170,000. The hourly earnings for the month rose by 0.3% from the preceding month, in accordance with the consensus estimate.

The rate of earnings growth slowed from 4.8% in December to 4.4% in January, compared to the estimated figure of 4.3%. This marks a decrease from the prior year's numbers.

The average working hours rose to 34.7 over the course of last month, which is an increase of 0.3% compared to the previous period. Meanwhile, the total weekly aggregate hours witnessed a significant 1.2% jump, settling at 115.6.

As the US economic position is improving, the American dollar is strengthening in relation to other global currencies. This increase has affected both Bitcoin and Ethereum prices, causing them to dip lower. The Federal Reserve's decision on a likely rate hike has also contributed to this development.

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