Week in review: September 2 2022 – Bitcoin reaches $20k as US job growth slows down

Written by Robby Ramos
on September 6, 2022
Week in review: September 2 2022

In this week’s newsletter:

Read our weekly round up below.

5 Reasons Why Your Business Should Accept Crypto

1. Reduced transaction costs – The typical credit card company charges 2-3% per transaction. Bitcoin fees can range from a couple of cents to a few dollars, depending on how fast you want the transaction to go through. It’s your call.

2. Safety from fiat exchange rate risk – You don’t have to worry about the fluctuation of the coins you accept since most crypto payment processors will instantly exchange and deposit the coin in your fiat of choice.

3. Positive publicity – There’s a high chance that when you start accepting crypto as payment, your company will make some headlines, increasing your sales.

4. Attractive brand identity – By accepting crypto as a form of payment, you will be sending a message to society that your brand is forward-thinking. Forward-thinking is an empowering and innovative way to be, which will attract life long customers who respect your company.

5. Deep security – With crypto transactions, you don’t deal with an intermediary party such as a bank. This means that your funds will go directly to you and you won’t risk the bank holding them or freezing your account for whatever reason.

Crypto News From Around The World

US Job Growth Slowed in August; Bitcoin Gains

Coindesk September 2, 2022
The U.S. added a robust 315,000 jobs in August, slightly more than expected but still revealing a slowdown in hiring amid rising interest rates and slowing economic growth. Bitcoin (BTC) gained 0.8% in the minutes after the report was released. The weaker growth gives the Federal Reserve cover to refrain from more aggressive interest rate hikes at the U.S. central bank’s next monetary policy meeting in September, relieving downward pressure on risky assets from stocks to cryptocurrencies.

Bitcoin, Ethereum Technical Analysis: ETH Surges, Following Latest Jobs Report

Bitcoin.com | September 2, 2022
Ethereum was back above $1,600 on Friday, as markets reacted to the latest nonfarm payrolls (NFP) report. Figures released today showed that 315,000 jobs were added to the U.S. economy, better than the 300,000 expected. Bitcoin was marginally higher, as the token continued to trade above $20,000.

Uniswap Leads Way as Most Big Cryptocurrencies Post Increases

MarketWatch | September 2 , 2022
Most of the largest cryptocurrencies were up during morning trading on Friday, with Uniswap (UNIUSD), 5.27% seeing the biggest change, climbing 4.46% to $6.58.

Seven additional currencies posted upswings Friday. Litecoin (LTCUSD), 5.80% increased 3.54% to $59.43, and Polkadot (DOTUSD), 4.96% rose 3.46% to $7.40.

Ethereum (ETHUSD), 3.27% climbed 3.05% to $1,629.00, while Bitcoin Cash (BCHUSD), 1.76% rallied 1.21% to $118.19. Bitcoin (BTCUSD), 1.09% increased 0.95% to $20,298.43.

Cardano (ADAUSD), 2.07% and Dogecoin (DOGEUSD), 0.30% rounded out the increases for Friday, with gains of 0.95% to 46 cents and 0.21% to 6 cents, respectively.

62% of Wallets Did Not Sell Bitcoin For a Year Amid The Bear Market: Data

Cointelegraph | September 1 , 2022
Despite the uncertainties brought about by the bear market, on-chain metrics show that the majority of Bitcoin (BTC) traders have been using a very simple trading strategy for more than a year: hodling.
According to data from the trading analysis platform TipRanks, while on-chain signals remain bearish for BTC, 62% of wallets have held BTC for one year and above. On the other hand, 32% of wallets are shown to have held for a month up to a year. Lastly, those who have been holding for less than a month are only 6%.

Robby Ramos

Robby Ramos

Director of Digital Marketing | Bridging the gap between digital assets and financial institutions.