has seen little upside momentum since Friday’s dismal U.S. nonfarm payrolls release. Still, market sentiment remains positive, with weak data signaling an end of the Fed tightening.
Meanwhile, the jobless rate rose to 3.9% while wage growth, as measured by average hourly earnings, softened, hinting at continued disinflation. Supporting the case for continued upside in bitcoin is the dwindling volatility in the U.S. stock and bond markets. The S&P 500 VIX indicator has tanked from 21.13 to 14.19 in the past five trading days, while the MOVE index, an options-based measure of volatility in the Treasury bond market, has dropped from 132 to 118, according to charting platform TradingView. Perhaps tensions in the Middle East are no longer the focal point for the market.
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