Bitcoin Continues To Plunge As Investors Continue Looking Into Jobs Market Review

The crypto market has been seriously struggling as of late, similar to most of the other financial markets that are currently running. Not only prices for specific commodities and cryptocurrencies dropping exponentially, but investor sentiment is also worsening with time.

Therefore, the market will continue to struggle until it is able to change how investors currently think that cryptocurrencies are too risky of an investment to make. Until cryptocurrencies are able to change this investor perception, the market will continue to struggle.

Of course, there is a wide range of other factors that are currently affecting the crypto market. One of these factors happens to be the rising interest rate and the latest jobs market report. And as Bitcoin hits its lowest point in the past week, many investors are wondering if the crypto market will bounce back.

New Jobs Data Review Does Not Look Good for Crypto Market

Last week on Friday, the official jobs market report for September finally came out and it did not look good for most financial markets. Although it is worth saying that the report actually did look very promising since it stated that the US economy was able to generate over 260,000 jobs. And as a whole, the unemployment rate was down.

However, following the announcement about what was in the report, the feds added increased interest rates again. A direct result of them increasing the interest rates led to investors backing out or pulling out of their respective markets.

Pushing Crypto Further into the Red

The market as a whole saw a major loss on Monday, with the biggest cryptocurrency in the world losing 1.3% of its price in a single day. While many believed the far-reaching effects that the report would end up having, no one was expecting that they would happen so soon.

Of course, Bitcoin wasn’t the only major coin to be affected by this. The next cryptocurrency to be hurt but the new report was Ethereum, which managed to lose as much as 1% in a single day. The new prices for Bitcoin and Ether, as of writing, have reached $19,116 and $1,297.

Equities Market Taking Serious Toll on Bitcoin

Bitcoin is currently moving along with the equities market since any crypto-related catalysts have been more or less completely mute. Therefore, various other factors that could be affecting the stock or forex market will likely have a serious effect on Bitcoin.

Analysts are also guessing that there will likely be a lot more volatility by Thursday, as they expect to see prices for various cryptocurrencies drop or rise exponentially. Of course, whether or not they go up will greatly depend on the inflation figure that day.