On Friday, Sept. 6, the stock and crypto markets were awash in red as investors reacted with mixed reactions to the U.S. report on non-farm payrolls.
BitcoinBTCThe AAVE (AAVENear Protocol ), and Near ProtocolNEARThe % of the population that is able to read English has fallen by more than 4%.
The same sell-off occurred in the stock market as the Nasdaq 100, Dow Jones, and S&P 500 indices fell by over 1%. Nasdaq 100 was dominated heavily by tech stocks, while Russell 2000 is heavy on small cap companies. Tesla, Nvidia, Broadcom and other popular tech companies fell more than 5%.
Neiro (ETH) is a good example of this.NEIROThe Black Friday sales continued, and the asset that performed best was ), a newer meme coin. Its token rose by over 100%, reaching a peak of $0.176. That was the highest price since August 5,
The market capitalization of the token has increased by over 538 percent since its low point in this week. The token became the most popular token on X after it went viral.
Binance’s USD-margined permanent contracts boosted Neiro prices on ETH. CoinGlass data shows the open interest of this token has reached a new record, with a total value of 35 million dollars. The majority of this open interest came from Bybit. This means that the number could rise when Binance fully integrates.
In many cases, the tokens are more active after listing on Binance. However, the gains made are usually short-lived because the market is adjusting to the new standard. As an example. Pyth Network surged It dropped from its Binance debut in February to a new record-low this month.
Neiro’s other risk is the possibility that Bitcoin will form a death-cross pattern. This could cause further declines. The majority of altcoins will drop when Bitcoin performs poorly.
The Federal Reserve could cut rates in response to the poor jobs report. This would be a bullish sign historically.
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Source: crypto.news