Blockware analyst and key figure in the crypto community, Will Clemente, thinks the crypto market has a new paradigm.
According to the report published on the state of the labor market in the USA, the unemployment rate in the country decreased to 3.5% in July. This means you are the lowest level since February 2020. Despite this positive development, all markets, including the crypto market, reacted badly to this news.
Will Clemente explained the reasons for this negative reaction.
According to the analyst, a negative reaction to a positive change in the economic indicator is a result of the new market paradigm. Especially risky markets such as the crypto money market are the most important reason for this. According to Clemente, a point has been reached where bad news is good news for the markets.
According to Clemente, good news about the economy means that the Fed will tighten its bad monetary policy more, while bad developments reveal that it will work to correct the situation. This means that the markets can breathe for a while.
What’s Up With The Crypto Market?
Bitcoin is currently holding between $22,600 and $23,000. If this consolidation continues, testing of the 23,500-23,700 level can be expected, where the target will be $24,000.
At the time of writing, Bitcoin is trading at $22,810, according to CoinMarketCap data.
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