Here’s what happened in crypto today

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Crypto and Web 3 Updates 

Date: 05/10/2024

🪙 Crypto and Web 3 News

Here’s what happened in crypto today

The recent developments in the crypto market reflect a complex interplay between macroeconomic factors and internal blockchain dynamics.

Bitcoin's rally to over $62,000 following the stellar US jobs report underscores the broader correlation between crypto and traditional markets. The unexpected surge in nonfarm payrolls, which exceeded forecasts by over 100,000 jobs, injected optimism into both equity and crypto markets. Investors perceived this as a sign of economic resilience, despite the cooling expectations for further aggressive Federal Reserve rate cuts. This uptick in risk appetite has revitalized Bitcoin, even as its price has fluctuated over the last week.

On the Ethereum front, concerns are growing as its inflation rate rises to 0.74%. This shift threatens Ethereum’s narrative as "ultrasound money," a concept tied to its deflationary potential post-merge. Reduced on-chain activity and lower burn rates, influenced by the rise of Layer-2 solutions like Arbitrum and Optimism, have contributed to this increase. With fewer transactions on the mainnet, less ETH is burned, shifting Ethereum's monetary outlook away from the deflationary ideal once anticipated.

Meanwhile, the historically bullish October sentiment, dubbed “Uptober,” has seen a sharp decline in social media mentions, mirroring the crypto market’s recent downturn. As Bitcoin has fallen from its highs, phrases like "Selltober" and "Octobear" have gained traction, indicating a growing bearish sentiment among traders. However, this pessimism could create room for a rebound, with market sentiment often influencing price volatility.

Overall, while Bitcoin remains resilient in the face of macroeconomic factors, Ethereum's inflation and waning market sentiment are key concerns that could shape crypto performance in the near term.

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