Crypto Prices Drop While Gold and Bonds Rise After U.S. Jobs Report
U.S. job numbers for July showed a gain of just 73,000 jobs, with revisions to June and May indicating the weakest three-month employment growth since early 2020. This data may prompt the Federal Reserve to consider rate cuts in September.
- The yield on the 10-year U.S. Treasury bond fell 14 basis points to 4.22%
- Gold prices increased by 1.5% to $3,400 per ounce
- Cryptocurrency performance was mixed; bitcoin decreased over 3% to $113,800, while Ether, Solana, BNB, and Dogecoin fell approximately 6%
- XRP dropped only 2.9%
President Trump criticized Federal Reserve Chairman Jerome Powell, calling for rate cuts and questioning the integrity of the Labor Statistics Commission.
- Coinbase stock dropped nearly 18% following poor earnings
- Robinhood fell by 3.1%
- Riot Platforms declined 17%, while MARA Holdings decreased by 3%
- Circle and MicroStrategy both fell by 7.5%