[{"category":{"name":"Trending News","exported_url":"trending-news"},"id":"fe980e1e-b41d-4305-aa38-e6dffc584706","updated_at":"2024-04-08T04:11:38.96566+00:00","account":{"firstName":"Marigold","lastName":"Vance"},"description":"Stock market experienced a slight drop, while crypto market saw volatility. Stay informed on key drivers and trends to make wise decision. ","sapo":"The week began with strong economic indicators, sparking concerns about potential Fed rate cuts. However, the week ended with a positive jobs report, indicating a robust labor market. Stay updated with the latest movements in stock & crypto market!","title":"Top Financial News For The Week Ending April 7, 2024","content":"

Key takeaways:

Dow, S&P 500, NASDAQ fall, signaling macroeconomic challenges and volatility.
Robust job growth, low unemployment, but expected gradual slowdown. Strong wage growth moderates, signaling possible labor market softening.
Positive market reaction to strong jobs report, indicating economic optimism.
Uniswap hits $2 trillion trading volume, surpassing major CEXes in trading volume, highlighting DeFi growth.

Top Stock News:

1. Stock Market Decline

The stock market ended the week with declines, with the Dow Jones Industrial Average, S&P 500, and NASDAQ falling by 2.3%, 1.0%, and 0.8%, respectively. This negative trend indicated a challenging macroeconomic environment, as the market experienced volatile price action following a strong start to the year.

Weekly market stats

2. Labor Market Strength

The March payroll report revealed robust job growth, surpassing expectations with 303,000 new jobs added. Sectors like healthcare, government, construction, and leisure & hospitality saw significant hiring. The unemployment rate remained low at 3.8%, marking its 26th consecutive month below 4%. While recent job growth has been strong, it is expected to gradually slow over the year.

3. Wage Growth and Inflation

Wage growth has been strong, with hourly earnings rising at an average year-over-year rate of 4.7% in the last 24 months. However, this rate moderated to 4.1% in March, suggesting a possible slowing trend. Slower wage growth, while essential for inflation control, also indicates a softening labor market.

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4. Market Reaction and Fed Policy

Despite initial concerns, markets reacted positively to the strong jobs report, indicating optimism about economic growth. This reaction suggests that the market still believes in the possibility of a "soft landing" scenario, where economic growth continues alongside moderated inflation, allowing the Fed to cut rates if necessary.

5. Fed Rate Cut Expectations

While the Fed was not expected to cut rates until June at the earliest, firming employment conditions could challenge this timeline. The upcoming consumer price index (CPI) report will be crucial, as any deviation from expectations could impact market perceptions of future rate cuts.

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Top Crypto News:

1. Crypto Market Update: Rollercoaster Week with BTC Stalling and Altcoins Plummeting

Most of the crypto market faced a bearish trend this week, with DOGE, SHIB, ADA, and AVAX experiencing significant double-digit drops. Bitcoin's price stalled around $69,000 last Friday and, despite briefly surging over $71,000 on Monday, failed to overcome resistance. This led to a sharp decline, with BTC dropping to under $65,000 in a matter of hours.

2. Green Bitcoin (GBTC) Launches on Uniswap DEX, Announces CEX Listing

Green Bitcoin (GBTC) launched on Uniswap DEX on April 5, 2024, following a successful ICO that raised $9.6 million. It offers a unique "gamified green staking" protocol where users predict Bitcoin's price movements to earn rewards. GBTC's eco-friendly approach, using Ethereum's PoS mechanism, sets it apart from Bitcoin. A CEX listing is imminent, with a major protocol update planned for April 18, 2024, coinciding with Bitcoin's halving event, expected to drive further interest.

3. Uniswap Hits $2 Trillion Trading Volume, Competes with Major CEXes

Uniswap, a decentralized exchange (DEX), has surpassed $2 trillion in lifetime trading volume, rivaling major centralized exchanges like Coinbase. Achieving this milestone in less than 24 months after its first trillion, Uniswap's growth underscores its dominance in the DEX space and increasing trader confidence in decentralized finance (DeFi) solutions.

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4. Ethereum's Q1 2024 Highlights: Revenue Triples, Network Grows Strong

Ethereum's Q1 2024 revenue hit $1 billion, up 186% from 2023. Transaction fees soared to $1.2 billion, a 155% increase. The network saw an 8.4% rise in transactions and an 86% increase in DeFi value locked. Validator count exceeded one million, with 32 million Ether staked. Ethereum's success coincided with its near all-time high prices, indicating significant market interest.

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5. Ripple Enters Stablecoin Market with USD-Pegged Token

Ripple has announced plans to launch a stablecoin pegged to the U.S. dollar. This stablecoin will be backed 1-to-1 by assets held in reserve, such as U.S. dollar deposits, U.S. government bonds, and cash equivalents. This move marks Ripple's entry into the $150 billion stablecoin market.

Explore more crypto insights with our Bitscreener Exclusive

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Top Financial News For The Week Ending April 7, 2024

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