--- title: "US employment data reinforces rate cuts, boosting crypto: Nansen analyst" url: https://diffcoin.com/us-employment-data-reinforces-rate-cuts-boosting-crypto-nansen-analyst/ description: "US employment data shows a slowdown, potentially lowering rates and providing momentum for crypto markets, says Nansen analyst." published: 2024-06-05 updated: 2024-06-05 author: "Mila" site: "Diffcoin" --- # US employment data reinforces rate cuts, boosting crypto: Nansen analyst Share this article ![Follow Crypto Briefing on Google News](https://static.cryptobriefing.com/wp-content/uploads/2024/04/05153217/follow-us-on-google-news.png) The US ADP National Employment Report increased by 152,000 in May, below the expected number of 175,000 and the smallest increase since January. The ADP measures the monthly change in non-farm and private employment and a result below the expected signals that employment growth and wage growth are slowing down. Aurelie Barthere, Principal Research Analyst at research firm Nansen, assesses that this result paints a picture of moderating real growth and a cooling labor market in the US when combined with other real activity data, such as retail sales, Q1 GDP, and CAPEX. > “As long as growth slows but does not contract, it is likely to push US rates lower and become a tailwind for crypto. So far, we cannot say that the slowdown in growth is too severe,” added Barthere. Moreover, she mentions the services sector, which is holding up as proven by the latest PMI business survey, and highlighted that Jerome Powell has indicated that, were unemployment to increase with inflation sticky, he would have a preference for rate cuts. > “So investors are pricing a ‘Fed put’ when growth data comes in weak, but not too weak. Friday’s payroll is likely to become the next major data point in this narrative.” ## A bright June Crypto industry players expect a “bright June” for the market, as reported by Crypto Briefing. Fueled by the spot Ethereum (ETH) exchange-traded funds (ETF) approval in the US, this month can be met with an ETH price leap. Additionally, ETH price momentum could spark a broad altcoin market growth, resulting in a “meme coin summer”, as this sector of the crypto market is showing the same signs of the non-fungible token (NFT) summer witnessed in 2021. As a result, retail money pulled from other high-yield projects temporarily might flow into crypto. There are also the European Parliament elections, set to happen between June 6th and June 9th, in which the results could mean a more pro-crypto stance in the European Union, resulting in favorable regulations. Share this article ![Follow Crypto Briefing on Google News](https://static.cryptobriefing.com/wp-content/uploads/2024/04/05153217/follow-us-on-google-news.png) The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information. Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight – and oversight – of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles. You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities. See full terms and conditions. [Source link](https://cryptobriefing.com/us-employment-crypto-boost/)