Cryptocurrency prices are retracing recent gains, falling by 1.89% in collective market cap to $2.4 trillion. This decline coincides with forecasts for a slowdown in US job growth and a steady unemployment rate. Individual top tokens like Bitcoin (BTC) and Ethereum (ETH) have seen price drops, with BTC falling to $70,871.29 and ETH to $2,084.04.
The US unemployment rate is expected to remain near 4.3% in February, with nonfarm payrolls estimated at 59,000, a decrease from January's 130,000. This data, due Friday, will be closely watched for potential impacts of trade policies and a cooling economy amid Middle East conflict.
The ongoing conflict in the Middle East has already driven retail gasoline prices up by approximately 20%, raising global inflation concerns and expected stock market volatility. Precious metals like gold and silver have seen slight upticks, trading at $5,113.405 and $84.21470 respectively.