- XRP and the broader crypto market are in rally mode, with the crypto market capitalization returning to $1 trillion for the second time since September 13.
- The US jobs report provided the perfect combination of numbers for the NASDAQ Composite Index and the crypto market.
- Mainstream players continue to expand into the crypto space, with MoneyGram and Fidelity in the news.
US jobs report boosts demand for riskier assets and a lower dollar
The all-important US jobs report on Friday delivered perfect numbers for the NASDAQ Composite Index and the crypto market.
In October, average earnings rose 4.7% year over year from 5.0% in September, with the unemployment rate rising from 3.5% to 3.7%. The rise in the unemployment rate came despite the participation rate falling from 62.3% to 62.2% and a 261,000 increase in non-farm payrolls.
Notably, the wage growth numbers showed early signs of easing price pressure that could allow the Fed to ease off.
In response, the NASDAQ composite index ended the day up 1.28%, with the S&P500 gains 1.36%.
Looking beyond the US stock markets, the crypto market rose $53.5 billion to $1.01 trillion, with 85 minutes (UTC) of the session remaining. The return to $1 trillion is only the second since the US CPI report on September 13.
The likelihood of a 75 basis point Fed rate hike in December also fell alongside the Dollar Spot Index (DXY), which fell 1.82%.
According to the tool FedWatch, the probability of a rate hike of 75 basis points stands at 38.5%, against 43.4% a week earlier.
Polygon (MATIC) continues the charge on Instagram NFT news
Today, the polygon (MATIC) is up 24.15% at $1.1805 as bullish sentiment has allowed investors to react further to Wednesday’s Instagram news.
Wednesday, Meta (META) updated an announcement from May 2022, stating,
“Creators will soon be able to create their own digital collectibles on Instagram and sell them to fans, both on and off Instagram.”
The ad went on to say,
“They will have an end-to-end toolkit – from creation (starting on the Polygon blockchain) and presentation to sale.”
MATIC hit a daily high of $1.1979, its highest level since $1.2455 on April 29.
XRP revisits $0.50 on investor sentiment towards SEC v Ripple case
Today, XRP is up 9.58% to $0.4985. Notably, XRP revisited $0.50 for the first time since October 14.
As the US jobs report boosted demand for riskier assets, XRP and solana (FLOOR) topped the top ten responses.
Investor optimism about the SEC vs. Ripple cas supported the move back to $0.50. Court rulings in favor of Ripple Labs and executives provided XRP price cushion, reflecting investor sentiment towards the SEC case against Ripple. XRP last visited below $0.40 on September 21.
XRP has seen an upward trend, albeit choppy, since the first summary judgment motions deposits September 17.
Robinhood (HOOD) faces a new rival in the crypto space
This week, Loyalty digital assets would have announcement commission-free crypto trading on the Fidelity Investments app. Fidelity will also launch a crypto education program to attract new crypto investors as signs emerge of a possible end to the crypto winter.
Fidelity’s plans will be a headache for Robinhood (HOOD), who published its results for the third quarter of 2022 on Tuesday. According to the press release, revenue based on cryptocurrency transactions fell 12%, while revenue increased for options (10%) and stocks (7%).
MoneyGram payment platform enters the crypto trading space
The news sparked renewed investor interest in LTC, which struggled during the crypto winter. Up 8.97% today, LTC is up 22% for the week.