US Job Rate Impacts the Cryptocurrency – Huobi Founder Sells Shares

United States – While the stock market faces declines from the United States or the US job report, it also impacts cryptocurrency. On another note, the founder of Huobi, a crypto exchange platform, sells the Hong Kong firm.
Crypto traders know how volatile cryptocurrency coins are. The industry had declined and lost, especially when the US job report evaluation came out. Following the evaluation, the trend of digital assets led to significant losses, damaging the economy. There have been drastic drops in the prices of altcoins for the past few weeks, and these losses come with other outdated risk assets.
What caused the declines in the prices is the inflation in the altcoins. One crypto coin dropped 1.9% on its heavy volume. Even though there was a recovery in the price during the succeeding hours, the price started displaying a negative disposition. Another crypto coin also decreased after evaluating the report; the drop was about 1.7%.
As per CoinDesk Market Index or CMI, the performance of the cryptocurrency group faced a drop of -0.80%, which displays a significant loss in most digital assets.
The US job growth slackened in the past month, which inclined investors to expect a hike from the Federal Reserves or Fed.
Paul Craig, Quilter Investors’ portfolio manager, stated that the report indicated another increase from the Fed. He said that the market would experience another hike from the Fed with the employment report for the month.
The employment rate dropped to 3.5%, while the labor expectation was 62.3%, similar to the previous month’s rate of 62.2%. This rate shows the slowness in the growth of the US economy, and as it affects the stock markets, it also affects the cryptocurrency market.
On another note, Huobi Global, a cryptocurrency exchange platform, faces changes after the founder decided to sell all shares to an asset management firm based in Hong Kong. The decision happens after the slight collapse of the price in the cryptocurrency market, along with the crackdown of China, as per SCMP.
Leon Li Lin, the founder, announced the decision on the website of Huobi. After the announcement related to Huobi, Lin posted on WeChat that he would transfer the title to About Capital Management.
This crypto exchange platform indents to follow numerous business expansion activities and additional worldwide brand promotion involving fund infusion. According to the statement of Huobi, this deal will not impact the exchange platform’s core operations and the business management team.