Cryptocurrency analysis company QCP Capital published its latest market assessment following yesterday's developments.
The report highlights that an interesting session took place twice during the night.
According to the analytics firm, the session started with a strong upward surprise on Non-Farm Payroll (NFP), which came in at 272k, significantly above expectations of 182k. This increase in employment was accompanied by an increase in the unemployment rate from 3.9% to 4.0%.
According to the company, the confusing data was enough to trigger risk aversion ahead of US inflation figures and next Wednesday's Federal Open Market Committee (FOMC) meeting.
The session was further characterized by RoaringKitty's live broadcast, which attracted almost a million viewers. At the time of publication, GameStop (GME) stock price crashed, coinciding with the collapse in altcoins and memecoins. The crypto market has lost over $40 billion in market value.
However, QCP Capital analysts think that the cryptocurrency market may have seen a bottom in the current situation as the market is pricing in at least one interest rate cut from the Fed going forward.
*This is not investment advice.