Blur (blur) 
It was a challenging day in the crypto and stock markets on Friday, Sep. 6, as the market reacted to the mixed U.S. nonfarm payrolls report.
Bitcoin (BTC) dropped to $53,000, its lowest level since Aug. 7. Other notable cryptocurrencies like Aave (AAVE) and Near Protocol (NEAR) also experienced declines, falling by over 4%.
The stock market mirrored this sell-off. Major indices such as the Nasdaq 100, Dow Jones, and S&P 500 fell by over 1%. The tech-heavy Nasdaq 100 and the small-cap Russell 2000 indices were particularly affected. Prominent technology companies like Tesla, Nvidia, and Broadcom saw their stocks drop by over 5%.
On the other hand, Neiro on ETH, a relatively new meme coin, emerged as the best-performing asset during the Black Friday sell-off. Its token surged by more than 100% to a high of $0.176, marking its highest swing since Aug. 5.
This rise represents a 538% increase from its lowest point earlier in the week, giving Neiro a market cap of over $147 million. The token’s rally was fueled by its viral presence on social media, making it the most shared token on X.
🎗️ Fridays Top Tweeted #Altcoins 🎗️
1️⃣ $NEIRO
2️⃣ $FLOKI
3️⃣ $SOL
4️⃣ $CSIX
5️⃣ $VELO
6️⃣ $KAS
7️⃣ $PROPS
8️⃣ $LAND
9️⃣ $SUNDOG
🔟 $SOON
#altssason #alts
Neiro on ETH also gained momentum after the launch of USD-margined perpetual contracts by Binance. According to data from CoinGlass, the token’s open interest surged to a record high of $35 million, primarily driven by activity on Bybit. This figure could increase further as Binance becomes fully integrated.
Typically, tokens experience a boost in activity after being listed on major exchanges like Binance. However, these gains are often temporary as the market adjusts. For instance, Pyth Network saw a significant rise after its Binance listing in February, only to decline to a record low later.
Another potential risk for Neiro on ETH is the looming death cross pattern in Bitcoin, which could lead to further market downturns. Altcoins often follow Bitcoin’s performance, so a decline in Bitcoin could negatively impact other cryptocurrencies.
However, a potential catalyst for Neiro and other coins is the weak jobs report, which may prompt the Federal Reserve to cut interest rates. Historically, rate cuts have been bullish signals for the market.
Stay updated with the latest cryptocurrency news and market insights on Global Crypto News.
