The bond market resumed its sell-off as traders waited for the upcoming US non-farm payrolls (NFP) data. The 30-year treasury yield jumped to 4.90% on Thursday while the 10-year rose to 4.80%. As a result, American equities retreated, with the Dow Jones and the Nasdaq 100 indices shedding a few points.
Cryptocurrencies have held quite well during the ongoing bond market, with the total market cap of all coins remaining at $1.09 trillion. Bitcoin held steady above $27,000 while tokens like Toncoin, Trust Wallet, and Aave jumped by more than 5%. Other top performers were coins like ThorChain, Cardano, and Stacks.
Shiba Memu, a meme coin that seeks to dethrone Shiba Inu and Dogecoin, is also thriving. Data shows that investors have poured over $3.65 million in its ongoing token sale, which you can participate here.
US NFP data ahead
The bond market has a major impact on all other assets like commodities, stocks, and cryptocurrencies. In most cases, a bond sell-off, which leads to a higher yield, pushes more people to short-term bonds and bills. A closer look shows that short-term bonds are now yielding over 5%.
As a result, the rising bond yields point to a potential recession, which explains why key commodities like crude oil and soybeans have plunged in the past few weeks. After soaring to $95 in September, Brent has plunged to $84 while copper has moved to the lowest level in months.
Therefore, the market will react to the upcoming non-farm payrolls (NFP) data from the United States. Economists expect the data to show that the economy added more than 160k jobs in September after adding 189k in the previous month.
The key data to watch will be wage growth, which will impact the pace of inflation in the country. Therefore, stronger wage growth will likely lead to higher bond yields and the US dollar index while stocks and commodities will pull back.
Shiba Memu token sale continues
Meanwhile, Shiba Memu has continued thriving in the current bond sell-off. The developers have raised over $3.65 million from inventors in the past few months and is quickly nearing its target.
For starters, Shiba Memu is a new cryptocurrency that will infuse two of the biggest themes this year. First, it seeks to disrupt the meme coin industry, which has seen the success of Pepe. Second, the token aims to change the artificial intelligence industry that has come to life following the success of ChatGPT.
Shiba Memu buyers hope to ride the Shiba Memu wave when the developers finally list it in key exchanges. Most of them saw many people become Pepe millionaires a few months ago and are now seeking to replicate this success.
Shiba Memu is different from Pepe and Shiba Inu since the developers aim to incorporate utility in its ecosystem. You can read about this in this white paper.
Still, like all tokens, investing in tokens has its risks and as such, it is always recommended that you be cautious in the process. For example, you should only invest funds that you can lose comfortably.