The bond market was rocked by a sell-off as traders waited for the upcoming US non-farm payrolls (NFP) data. The 30-year treasury yield rose to 4.90% on Thursday while the 10-year yield rose to 4.80%. This pushed American equities lower, with the Dow Jones and the Nasdaq 100 indices losing a few points.
Cryptocurrencies, however, have been quite resilient during this bond market upheaval, with the total market cap of all coins holding at $1.09 trillion. Bitcoin stayed steady above $27,000, while tokens like Toncoin, Trust Wallet, and Aave saw increases of more than 5%. Other top performers included ThorChain, Cardano, and Stacks.
Another coin that has been doing well is Shiba Memu, a meme coin that seeks to dethrone Shiba Inu and Dogecoin. Data shows that investors have poured over $3.65 million into its ongoing token sale.
The bond market has a significant influence on all other assets, including commodities, stocks, and cryptocurrencies. When bond yields rise, it usually drives people to short-term bonds and bills. Currently, short-term bonds are yielding more than 5%. This points to a potential recession, which may explain why commodities like crude oil and soybeans have been declining recently.
All eyes are now on the US NFP data, which is expected to show that the economy added over 160k jobs in September. Wage growth is a key factor to watch, as it could affect the pace of inflation in the country. Stronger wage growth could lead to higher bond yields and the US dollar index, while stocks and commodities may pull back.
In the meantime, Shiba Memu continues to thrive amid the current bond sell-off. The developers have raised over $3.65 million from investors in the past few months and are close to reaching their target. The coin seeks to bring together two major themes this year: meme coins and artificial intelligence. Investors are hoping to join the Pepe millionaires by riding the Shiba Memu wave. However, they should always be aware of the risks involved and only invest funds they can afford to lose.
