The crypto market dipped today, February 11, as traders reacted to the latest U.S. non-farm payrolls data and the upcoming U.S. consumer inflation report. The economy added over 130k jobs in January as the unemployment rate fell to 4.3%. BTC dropped below $67,000, while MYX Finance dropped by over 18% in the last 24 hours. Some of the other top laggards were altcoins like Humanity Protocol, Decred, World Liberty Financial, and Binance Coin.
These numbers show that the economy is still adding jobs, even after several large companies, including Amazon, Gemini, and Target, announced major layoffs to cut costs. The report showed that government workers fell by 42,000, while manufacturing payrolls rose by 5,000. Looking ahead, the next key catalyst for the crypto market is the U.S. inflation report, which comes out on Friday. Economists polled by Reuters expect the upcoming report to show that inflation slowed in January this year.
Bitcoin and the crypto market have proven that they are not safe-haven assets. The Fear and Greed Index remained in the extreme fear zone, as the futures open interest continued falling. Open interest has remained below $100 billion, down from last year’s high of over $255 billion. Strength Is Narrow, Not Broad: Most gains came from health care, social assistance, and construction; government payrolls fell, and many sectors saw modest or negative growth, suggesting the labor market remains a “low hire, low fire” labor environment.
In other words, the Fed may have misjudged strength, and tighter policy could be overdone. Only 181,000 job gains –>Worst outside of a recession since 2023. The job market appears to be stabilizing. But this is still a frozen “low hire, low fire” labor market, especially…,
The crypto market edged lower as traders digested the latest U.S. non-farm payrolls data and the upcoming inflation report. January payrolls rose by over 130,000, keeping unemployment at 4.3%. Bitcoin traded below $67,000, and MYX Finance slipped more than 18% in the last 24 hours, with other laggards including Humanity Protocol, Decred, World Liberty Financial, and Binance Coin. The data indicate ongoing job gains even as major companies trim costs.
Government payrolls fell by 42,000 while manufacturing payrolls rose by 5,000. The Fear and Greed Index lingered in extreme fear as open interest faded further, staying below $100 billion versus last year’s peak above $255 billion. The market appears to be driven by a narrow set of sectors amid a broader risk-off tone.
Looking ahead, Friday’s U.S. inflation report will likely be the next catalyst for crypto. Economists expect inflation to have slowed in January, though Bitcoin and crypto markets have shown they are not traditional safe havens. As Fed policy remains a concern, market sentiment could remain fragile in the near term.
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