Crypto markets emphasize trading trends over unverified macroeconomic data.
BlockBeats News reports on November 11th that Goldman Sachs estimated a decline of 50,000 in US non-farm payrolls in October, although no primary sources confirm these figures.
This unverified report raises concerns about labor market weakness, but official crypto discussions focus on market cycles and trading strategies instead of employment data.
The reported estimate from Goldman Sachs about a 50,000 drop in U.S. non-farm payrolls for October lacks confirmation from primary sources. No statements from official channels or corroboration from major market players have surfaced. Key players, including the U.S. administration, have not commented on the alleged “delayed departure plan.”
Market impact appears limited, as focus remains on cryptocurrency trends such as “No Sell November.” Institutional attention is directed towards impending Federal Reserve interest rate decisions rather than unverified labor data.
Reactions from industry analysts stress that the crypto market’s short-term movements remain largely unaffected by rumored labor statistics. Michael Nadeau of The DeFi Report emphasized a cautious macro outlook, reinforcing calls for an economic “detox.”
Did you know? Discrepancies in economic reporting can sometimes lead to volatility in markets; however, in this case, crypto market trends have largely ignored the non-verified data concerning U.S. employment.
Michael Nadeau, Founder of The DeFi Report, via BlockBeats, stated, “We believe we are currently in the ‘complacency’ stage as shown in the chart above. All the bullish catalysts identifiable years ago have now played out. The economy may be heading towards a recession. We believe the Trump administration’s stance is very clear. They are essentially telling us that the economy needs a ‘detox.’ We should believe their stance. This is very similar to Powell’s statement early in 2022 about ‘pain coming.’ Our current thinking is that cryptocurrency is the canary in the coal mine. Traditional financial markets will slowly decline/oscillate in response.”
