The unemployment data that came out hawkish has further mounted bearish pressure on many cryptocurrencies. Bitcoin (BTC) is still struggling to push beyond the $23k mark, while Ethereum (ETH) has yet to make significant progress since its merge with the Proof of Stake consensus mechanism.
On the other hand, Snowfall Protocol (SNW) is unarguably the best ICO of 2023. The protocol is a cross-chain asset bridging protocol that aims to eliminate technical barriers between blockchain networks. The creative features of Snowfall Protocol (SNW) continue to boost the demand for its token in presale. The presale price has gone up by 40x, and Snowfall Protocol (SNW) is selling out. Read on to learn more.
Unemployment Data Stalls Bitcoin (BTC) and Ethereum (ETH) Price
Wider economic projections are important indicators for the bullishness or bearishness of many financial assets, especially cryptocurrencies. According to the latest unemployment data released by the Federal Open Market Committee (FOMC), the unemployment rate has skyrocketed from 3.7% to 4%-5.3%. In fact, the country’s labor force participation dived lower from 62.2% to 62.1%.
The unemployment data is important to the crypto funding rate, especially Bitcoin (BTC) and Ethereum (ETH). The negative FOMC data indicate a negative funding rate – and, therefore, an impending impact on Bitcoin (BTC) and Ethereum (ETH)’s price. As expected, Bitcoin (BTC)’s funding rate has been on the decline and thus hitting a fresh bearish sentiment.
Ethereum (ETH) is divergent – its funding rate is taking the other direction to boost its bullish sentiment. While the difference between their funding rate is normal, the discrepancy has not been realized. Therefore, we can expect an intermediate-term blow on Ethereum (ETH) right now.
Since the data was released, Ethereum (ETH) has gained 40% but has been down by 1.39% since morning. Bitcoin (BTC) has also realized a modest gain so far this year. It is trading above $23,000 – 0.8% down in the last 24 hours.
Snowfall Protocol (SNW) Sell-Out Presale Earlier
Snowfall Protocol (SNW) is the world‘s first and most efficient blockchain bridge and asset transfer ecosystem for fungible and non-fungible assets. The platform is a multipurpose hub where anyone can bridge their cryptographic assets over multiple chains.
Snowfall Protocol (SNW) is a unique addition to the crypto space because of its use cases. The protocol has many features aimed at improving blockchain-to-blockchain interaction. This, in turn, helps more than 200 EVM and non-EVM chain function together.
With the Snowfall Protocol (SNW), avid developers, businesses, institutions, and regular users can benefit from a growing ecosystem of interconnected networks. It removes the technical barrier between these chains so anyone can enjoy using all their favorite chains without hoops.
In contrast to Ethereum (ETH) and Bitcoin (BTC), the Snowfall Protocol (SNW) token is already raising a lot of dust and positive hype in the crypto community. This, and its ingenious utility, has boosted its price beyond 1000% this year. The token is defying all odds with its steady price movement upward despite the harsh condition of the crypto market, and this is why experts predict that it will rise by more than 5000%.
Snowfall Protocol (SNW) token has seen increased demand from investors and market bulls since its presale started. The first two presale stages sold out faster than expected, but the third stage is still ongoing. Therefore, making the token your primary investment this year is advisable. Experts are looking forward to a 1000x rise amid its numerous use cases. Bitcoin (BTC) and Ethereum (ETH) don’t have the potential to rocket in price, but Snowfall Protocol (SNW) does, so hurry up and sign up for the Snowfall Protocol (SNW) presale today.
get in while you can and invest in Snowfall Protocol (SNW) today!!!
Presale: https://presale.snowfallprotocol.io
Website: https://snowfallprotocol.io
Telegram: https://t.me/snowfallcoin
Twitter: https://twitter.com/snowfallcoin
The post Unemployment Data Stalls Crypto Market. Bitcoin (BTC) and Ethereum (ETH) While Snowfall Protocol (SNW) Continues To Sell Out During Token Presale appeared first on Analytics Insight.
The unemployment data that came out hawkish has further mounted bearish pressure on many cryptocurrencies. Bitcoin (BTC) is still struggling to push beyond the $23k mark, while Ethereum (ETH) has yet to make significant progress since its merge with the Proof of Stake consensus mechanism.
On the other hand, Snowfall Protocol (SNW) is unarguably the best ICO of 2023. The protocol is a cross-chain asset bridging protocol that aims to eliminate technical barriers between blockchain networks. The creative features of Snowfall Protocol (SNW) continue to boost the demand for its token in presale. The presale price has gone up by 40x, and Snowfall Protocol (SNW) is selling out. Read on to learn more.
Unemployment Data Stalls Bitcoin (BTC) and Ethereum (ETH) Price
Wider economic projections are important indicators for the bullishness or bearishness of many financial assets, especially cryptocurrencies. According to the latest unemployment data released by the Federal Open Market Committee (FOMC), the unemployment rate has skyrocketed from 3.7% to 4%-5.3%. In fact, the country’s labor force participation dived lower from 62.2% to 62.1%.
The unemployment data is important to the crypto funding rate, especially Bitcoin (BTC) and Ethereum (ETH). The negative FOMC data indicate a negative funding rate – and, therefore, an impending impact on Bitcoin (BTC) and Ethereum (ETH)’s price. As expected, Bitcoin (BTC)’s funding rate has been on the decline and thus hitting a fresh bearish sentiment.
Ethereum (ETH) is divergent – its funding rate is taking the other direction to boost its bullish sentiment. While the difference between their funding rate is normal, the discrepancy has not been realized. Therefore, we can expect an intermediate-term blow on Ethereum (ETH) right now.
Since the data was released, Ethereum (ETH) has gained 40% but has been down by 1.39% since morning. Bitcoin (BTC) has also realized a modest gain so far this year. It is trading above $23,000 – 0.8% down in the last 24 hours.
Snowfall Protocol (SNW) Sell-Out Presale Earlier
Snowfall Protocol (SNW) is the world‘s first and most efficient blockchain bridge and asset transfer ecosystem for fungible and non-fungible assets. The platform is a multipurpose hub where anyone can bridge their cryptographic assets over multiple chains.
Snowfall Protocol (SNW) is a unique addition to the crypto space because of its use cases. The protocol has many features aimed at improving blockchain-to-blockchain interaction. This, in turn, helps more than 200 EVM and non-EVM chain function together.
With the Snowfall Protocol (SNW), avid developers, businesses, institutions, and regular users can benefit from a growing ecosystem of interconnected networks. It removes the technical barrier between these chains so anyone can enjoy using all their favorite chains without hoops.
In contrast to Ethereum (ETH) and Bitcoin (BTC), the Snowfall Protocol (SNW) token is already raising a lot of dust and positive hype in the crypto community. This, and its ingenious utility, has boosted its price beyond 1000% this year. The token is defying all odds with its steady price movement upward despite the harsh condition of the crypto market, and this is why experts predict that it will rise by more than 5000%.
Snowfall Protocol (SNW) token has seen increased demand from investors and market bulls since its presale started. The first two presale stages sold out faster than expected, but the third stage is still ongoing. Therefore, making the token your primary investment this year is advisable. Experts are looking forward to a 1000x rise amid its numerous use cases. Bitcoin (BTC) and Ethereum (ETH) don’t have the potential to rocket in price, but Snowfall Protocol (SNW) does, so hurry up and sign up for the Snowfall Protocol (SNW) presale today.
get in while you can and invest in Snowfall Protocol (SNW) today!!!
Presale: https://presale.snowfallprotocol.io
Website: https://snowfallprotocol.io
Telegram: https://t.me/snowfallcoin
Twitter: https://twitter.com/snowfallcoin
The post Unemployment Data Stalls Crypto Market. Bitcoin (BTC) and Ethereum (ETH) While Snowfall Protocol (SNW) Continues To Sell Out During Token Presale appeared first on Analytics Insight.