"Move on, investors, the price of BTC may not rise in the near future."
The entire cryptocurrency market saw a flat move after the latest jobs data reading showed the labor market remained tight.
This is because the strong employment data has made it difficult for the Federal Reserve (Fed) of the United States (US) to continue its efforts to reduce the inflation rate from 6.4% to its target rate of 2%.
Additionally, it will put pressure on digital asset prices as strong employment data leads to higher prices as an organization raises wages for existing workers and recruits.
While US gross domestic product (GDP) also managed to have an impact on crypto prices, where the latest data saw it jump at 2.7% compared to expectations for 2.9% growth.
As of this writing, the price of Bitcoin (BTC) has slipped by 0.52% at $24,000 in the last 24 hours with a market capitalization of $463 billion while Ethereum (ETH) is up 0.92% to reach the $1,653 zone.
In the meantime, the co-founder of digital asset exchanger Sologenic named Bob Ras views the performance of the crypto market, Asian central banks including Japan and China could be affected if the central bank continues monetary tightening.
He also said that Bitcoin and other cryptocurrencies are particularly sensitive to fluctuations like this because the money supply abroad is growing.
