• Bitcoin is trading higher on Friday, with some cryptocurrencies breaking trend ahead of the US unemployment figure.
• The forecast for the jobless count is for a rise to 3.5%, signaling a risk off period in the US economy.
• Ethereum looks as though it may be stealing the show from Bitcoin, with many altcoins also running strongly.
Bitcoin Trading Higher Despite Gloomy Economic Outlook
Bitcoin is trading over 1% higher on Friday despite Federal Reserve Chairman Jerome Powell intimating that he is ok with the economy going into recession and “things breaking” as long as inflation can be beaten. Bitcoin has entered a sideways range from around $25,800 to $27,670 and is currently at just over $27,000.
Ethereum Set To Steal The Show
Ethereum looks as though it is making its move in order to steal the show from bitcoin, having broken the downwards trendline with bitcoin that has been in force since early January this year. Ethereum dominance has also broken higher and returned to levels seen in early January and even May 21 and September 17 of last year.
US Jobless Count Expected To Rise
The US jobless count – one of the main figures that the Fed looks at before deciding whether an interest rate hike is needed – is expected to rise to 3.5% from it’s previous figure of 3.4%. This signals a risk off period for quite some time in the US economy due to fears of a potential descent into recession next year.
Altcoins Running Strongly
Many of the altcoins are running strongly right now, including Arbitrum (up 8%), Injective Protocol (up 10.5%), Ocean (up 7.4%) and Lido (up 7.3%). These gains come despite what appears to be a gloomy economic outlook ahead for 2020-2021.
This article is provided for informational purposes only and should not be used as legal, tax, investment or financial advice