Dear Readers,

There is a wide range of blood bath that we found in the crypto markets that has wiped out over $300 billion in mere few hours in the crypto markets!

At the time of writing this article the global crypto market cap is down to a drastic level of -15.70% decrease and valued at $1.81 Trillion. 

The Crypomarket leader BTC is trading at $50,371.14 , a decrease of 17% in the past 24 hours.

While the ETH is trading at $2,229.63, a decrease of 23% from yesterday.

This is largely because of the latest job report. 

According to the US Bureau of Labour Statistics, the unemployment rate has risen to 4.3 percent in July 2024, and non-farm payroll employment hit by 114,000.

There is increased employment in health care, in construction, and in transportation and warehousing. But the Information Sector lose the jobs. 

As the unemployment hit 4.3%, it is feared that this situation is heading to the recession in US. 

According to Jag Kooner, Head of Derivatives at Bitfinex points out that the numbers show some strength. But there’s still a fear of getting into a recession because of high lending rates and the rising unemployment rate. 

He also pointed out that the 4.3% unemployment rate could trigger the Sahm Rule, which usually signals a recession. 

Incidentally, the Sahm Rule was created by Claudia Sam who is a former Federal Reserve Economist in 2019. It is an economic indicator. It helps to identify the onset of a recession in the US. As per the rule, there is likely a recession when the three-month moving average of the national unemployment rate rises by 0.50% points or more to its low during the previous 12 months.

But we need to take account of the effect of the post Covid 19 pandemic situation in the labour settings. 

So as Jag Kooner added that the Sahm Rule might not be as reliable after the Covid 19 pandemic due to the unusual labor market that is widely seen worldwide and in US too.

If we see the BTC charts, 

BTC dumped against its strong support of $54k. Currently it's in deep oversold region. 

There are no volumes, the retail investors are selling in panic. 

According to Binance, ETH suddenly plummeted to a low of US$2,111 and then rebounded. The amount of liquidation in one hour has reached 370 million US dollars.

Let's wait that the market would get stable again and look out our strategies. 

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