• The US unemployment rate dropped to 3.5% in July while nonfarm payrolls increased by 187,000.
• Bitcoin broke above $29,200 on Coinbase after a choppy 24 hours.
• Options implied volatility drops but market still expects turbulence.
US Unemployment Rate Drops to 3.5%
The U.S. unemployment rate dropped to 3.5% in July while nonfarm payrolls increased by 187,000, indicating a cool-off in the labor market. Earlier Dow Jones estimates predicted nonfarm payrolls to increase by 200,000, following a rise of 209,000 in June. As per the Bureau of Labor Statistics , the unemployment rate has ranged from 3.4 percent to 3.7 percent since March 2022 and the S&P 500 showed little reaction, dropping around 0.15% following the release of the report..
Bitcoin Price Breaks Above $29K
Bitcoin broke above $29,200 on Coinbase after a choppy 24 hours according to TradingView Graphs showing the price at August 4th 2023..
Options Implied Volatility Drops
Options implied volatility dropped but market still expected turbulence as data points were seen pointing towards potential price surge as bitcoin holders resisted exchanges..
NFT Gas Usage On Ethereum Reaches 2-Year Low
Non-Fungible Token (NFT) gas usage on Ethereum reached a two-year low with Coinbase generating more revenue from subscriptions and services than fees..
Bitcoin Holders Resist Exchanges
Data pointed towards potential price surge as bitcoin holders resisted exchanges which could explain why NFT gas usage was so low as well as why Coinbase generated more revenue from subscriptions and services than fees..