Dogecoin was changing hands at $0.062, down nearly 5% in last 24 hours
The biggest meme cryptocurrency, Dogecoin, has hit the markets with the latest snag. Markets witnessed another round of selling after the monthly jobs report, US Nonfarm Payrolls (NFP) data was released on Friday. The data, which was expected to show how much the Federal Reserve’s liquidity tightening has affected the labor market and whether the central bank could slow rate hikes in the coming months, was rather hawkish.
The unemployment rate in the United States for September was 3.5%, which was lower than both the forecast and the prior figure of 3.7%. Observers believe that this may indicate that the Fed will adopt a more hawkish approach and raise rates by at least 75 basis points.
Contrary to expectations, this could indicate that the Fed will remain tight, which has fueled riskier assets including cryptocurrencies this year.
At the time of publication, Dogecoin was changing hands at $0.062, down nearly 5% in the last 24 hours. Dogecoin was a top gainer on Oct. 4, following the news of Elon Musk’s renewed bid to buy Twitter. Musk earlier indicated that if Twitter was acquired, he would explore implementing DOGE payments.
Twitter deal stays court proceedings
Tesla CEO Elon Musk has said he plans to buy Twitter by the end of the month, but the company “will not take a yes for an answer.” Twitter had raised concerns about the “theoretical possibility of future failure to obtain debt financing” to pay for the deal.
Twitter sued Musk in July after he tried to back out of buying the firm. The judge in charge of the lawsuit granted the parties involved until Oct. 28 to settle, agreeing to halt the legal process at Musk’s request.
In April, Musk revealed plans to buy Twitter for $54.20 per share. Just a few weeks later, he withdrew from the deal, claiming that he was concerned that the number of spam accounts on the network was higher than Twitter reported.
