Why Ethereum Is Moving Higher Today
Key Points
Almost 40,000 WARN notices were reported in October.
These notifications are required in the event of mass layoffs or plant closures.
The unusually high number could mean the Federal Reserve opts for additional interest rate cutting.
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Ethereum (CRYPTO: ETH) is rising, up 3.4% in the last 24 hours as of 6:10 p.m. on Tuesday. The move comes as the S&P 500 and the Nasdaq Composite gained 0.9% and 1.3%, respectively.
Crypto traders got some relief today as Ethereum and most of the market turned green, providing a break in the weeks-long sell-off. Yesterday's job numbers from the Federal Reserve Bank of Cleveland sparked raised hopes that another rate cut could be in store.
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WARN notices near record high
The Worker Adjustment and Retraining Notification Act (WARN) requires that, in the event of mass layoffs or plant closings, workers be given 60 days' notice of their termination. Since 2006, WARN notices have been tracked, providing at least a partial view of the U.S. job market.
Nearly 40,000 WARN notices were issued in October, one of the highest numbers on record.
More cuts could be coming
The numbers are the latest that point to a weakening job market. That could mean the Federal Reserve opts to cut interest rates further in its upcoming meeting in December. Riskier investments, like cryptocurrencies, tend to perform better in low-rate environments.
Image source: Getty Images.
Ethereum is certainly one of the better choices for cryptocurrencies, but its relative stability within the crypto market shouldn't be taken to mean it is low-risk. It is still a cryptocurrency. Still, for investors with higher risk tolerance, Ethereum is a solid addition to a well-diversified portfolio.
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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Ethereum. The Motley Fool has a disclosure policy.
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