The Bybit TradFi Report reveals that the U.S. private labor market remains stable amid the ongoing government shutdown, as highlighted by private data and macroeconomic challenges. The report underscores the crypto market's resilience, with stable Bitcoin and Ethereum amid cautious trading, illustrating reliance on private data for economic insights during the shutdown.
U.S. Labor Data Remains Stable Despite Government Shutdown
The Bybit TradFi Report finds stable U.S. labor data amid the government shutdown. The effects of lacking U.S. government data on markets have caused private data sources to become crucial as public statistics are unavailable. The report is led by Bybit, a prominent cryptocurrency exchange.
Bybit, under CEO Ben Zhou, collaborates with Block Scholes for data analytics. The exchange focuses on bridging TradFi and DeFi sectors. Zhou emphasizes the importance of a robust derivatives infrastructure to manage macroeconomic instabilities.
"Resilient liquidity and robust derivatives infrastructure are key to navigating macro volatility." — Ben Zhou, CEO, Bybit
$6 Billion Liquidation Stirs Caution in Crypto Markets
A 'historic $6 billion liquidation' affects crypto markets, emphasizing trader caution. While Bitcoin and Ethereum see brief rallies, overall volatility remains low. Privacy tokens, like Zcash, outperform due to increased regulation concerns.
Financial uncertainty persists, with limited leverage and risk-taking. Institutional trading shows caution, with ETF flows remaining low. Regulatory bodies such as the SEC and CFTC have not introduced new policies in response to the report.
Crypto Resilience Evident in Past Shutdowns
Past government shutdowns showed cryptos' resilience, with short-term volatility and recovery. Bybit's report reflects these trends, with deleveraging events not causing DeFi systemic risk.
Market experts highlight the resilience of crypto markets, noting stable TVL and developer inactivity. The impact of Fed rate cuts on ETH and XRP prices is minimal yet speaks volumes about market adaptability. Ben Zhou stresses the importance of a robust trading framework to handle macroeconomic challenges.