Cryptocurrencies and U.S. Stocks Fall as U.S. Payroll Data Confirms Continued Inflation

On Tuesday, cryptocurrencies and U.S. equities fell as it became clear that inflation was continuing with the latest payroll data. Bitcoin (BTC) and ethereum (ETH per hour) fell about 3% and 5%, respectively, in 24 hours, erasing the gains experienced this week on Monday. Analysts capped the decline on lower-than-expected trading volumes for the first listing of spot Bitcoin and Ether exchange-traded products in Hong Kong.

Mike Tauckus, head of trading and structuring at BitOoda, said, “Disappointing ETF trading volumes in Hong Kong led to a sharp sell-off [in bitcoin and ethereum], which opened down about 3.5 percent.”

Payroll data from the U.S. Bureau of Labor Statistics showed that wages and salaries rose 4.4 percent year-over-year last month. That growth has led traders to believe the high rise is a problem of the past.