All eyes were on the US jobless claims on Thursday to see if there are any signs of weakness starting to creep into the job market.

While this lagging indicator is not the best at timing, it often gives some perspective and has the potential to move the crypto markets, with a special focus on Bitcoin (BTC).

Bitcoin Price Shows Strength On Weak US Jobs Data

Bitcoin is up by a modest 2%, holding well above the $67,500 threshold in the immediate aftermath of the US initial jobless claims. BeInCrypto data shows BTC is trading for $67,688 as of this writing.

Read more: How To Buy Bitcoin (BTC) and Everything You Need To Know

The surge comes after the Bureau of Labor Statistics (BLS) reported that the US recorded 227,000 unemployment claims last week. This marks a meager decrease from the 241,000 recorded in the week ending October 12. While it falls slightly lower than the expected 242,000, the data still points to a weakening jobs market in the US.

“The US labor market continues to weaken: Job postings have declined 27.4% year-over-year to their lowest since January 2021, according to Indeed data. Job postings have declined for 2.5 years straight and are now down 45% since the February 2022 peak. As a result, job vacancies reached their pre-pandemic levels seen in February 2020,” global capital markets insights provider Kobeissi Letter noted.

Meanwhile, economists suggest that job openings could continue falling in the coming months as the labor market continues to deteriorate. As BeInCrypto reported, the lackluster job market in the US is fueled, among other reasons, by concerns about climate-related catastrophes.

“Initial unemployment claims fell back in the week-ended Oct 19 after hurricane distortions. Labor market cooling gently, but no evidence of any layoffs wave that could precipitate broader slowdown,” economist Gregory Daco said.

If the effects of the hurricane continue, the jobs market in the US may deteriorate further if numbers are enough to go by. This is because workers need to be unemployed for at least three weeks before filing for unemployment benefits. Until now, the US is three and a half weeks from Hurricane Helene and two and a half weeks from the Milton hurricane.

The lack of infrastructure in some of the hardest-hit areas in Florida and North Carolina may have created some lag in new filings, positioning next week for even worse unemployment numbers.

This could affect sentiment toward the Federal Reserve’s (Fed) rate plan, which has a dual mandate to achieve price stability and maximum employment.

Read more: How to Protect Yourself From Inflation Using Cryptocurrency.

Therefore, given the weakening jobs market in the US, the Fed is more inclined to continue cutting interest rates at the next meeting.

Kamala Horris (KAMA) is outpacing its Trump-themed rivals in the PolitiFi meme tokens market today. In the last 24 hours, KAMA’s price has increased by 4.80%, while several Trump-related tokens have added to their seven-day double-digit decline.

This shift highlights increasing investor interest in politically satirical tokens linked to U.S. Vice President Kamala Harris. What makes this trend particularly surprising is that it coincides with Donald Trump maintaining a lead in the polls ahead of the November 5 U.S. elections. Below is a detailed breakdown of how PolitiFi meme tokens KAMA, MAGA (TRUMP), and Donald Trump (TREMP) could perform in the coming days.

Kamala Horris (KAMA)

As of this writing, KAMA’s price stands at $0.0066. Prior to this, the meme coin’s price dipped to $0.0057 after being trapped in a descending triangle pattern. To provide context, a descending triangle is a technical pattern defined by a falling trendline that creates lower highs, alongside a horizontal support level.

If Kamala Horris had slipped below the support, then the price could have experienced another correction. Instead, it broke out of the channel. This breakout is further supported by an increase in the Relative Strength Index (RSI), indicating strengthening bullish momentum.

Read more: What Are Meme Coins?

Should the PolitFi meme coin momentum get better, KAMA’s price could climb to $0.0079. However, if Kamala Harris’ odds of winning the election continue to plummet, this forecast could be invalidated. In that scenario, KAMA might decline to $0.0054.

MAGA (TRUMP)

In contrast to KAMA, MAGA—the Trump-themed meme coin with the highest market capitalization—has experienced a price decline. At press time, TRUMP’s price is $3.30, reflecting a significant drop of 35.60% over the past seven days.

Currently, the Moving Average Convergence Divergence (MACD) is in the negative region. Like the RSI, the MACD is a technical oscillator that measures momentum. Thus, a negative region suggests a bearish outlook for the meme coin. 

Besides that, TRUMP’s value is below the 20 and 50-period Exponential Moving Averages (EMA). Assuming the price was above these thresholds, the trend would have been bullish. However, since it is the other way around, it aligns with the MACD bearish stance.

In this scenario, TRUMP could drop to $1.95. On the flip side, the meme coin’s value could rebound if momentum becomes bearish and the price moves above the EMAs. If that happens, it could rise to $5.20.

Donald Tremp (TREMP)

TREMP is another Donald Trump-themed meme coin that has declined within the past week. As of this writing, its price is $0.30, representing an 18% decrease from seven days ago.

However, contrary to other Trump PolitiFi meme token conditions, TREMP could erase part of those losses. One reason for this forecast is the Bull Bear Power (BBP), which has recently recorded a jump. The BBP measures the strength of buyers (bulls) to sellers (bears).

When it is negative, bears are in control. But in this case, the BBP is negative, indicating bulls have the upper hand. This Money Flow Index (MFI), which has begun to move higher, also reinforces this bias.

Read more: Top 9 Safest Crypto Exchanges in 2024

Should these indicators maintain or improve their positions, TREMP’s price could rise to $0.37. However,  if bears push bulls out of the way, the price might decrease, and the meme coin might decline to $0.22

As crypto markets remain broadly bullish, several airdrops provide exciting opportunities to earn tokens without any initial capital.

Airdrop farmers looking for top campaigns with tier-one investor backing have a long list to select from.

Five Airdrops With Tier-1 Backing

Discover the top 5 potential airdrops and learn which venture capitalists are backing them.

Story Protocol

The project forayed into Web3 to tokenize and share Real-World Assets (RWAs) considered intellectual property (IP). This creates a way for owners to generate profit and share revenue.

Although the status of the airdrop remains unconfirmed, Story Protocol has garnered up to $134 million in venture capitalist (VC) funding. Participants in the three-round fundraiser include Andreessen Horowitz, Polychain Capital, Hashed Fund, Mirana Ventures, and Balaji Srinivasan, a former Coinbase executive.

Activities for airdrop participation include completing specified testnet tasks and minting the Iliad launch IP asset on the Story Iliad testnet page. Users who interact with the testnet may receive an airdrop if their token goes live.

Read more: What are Crypto Airdrops?

Praxis Society

Advertising as a network state, Praxis Society is a potential airdrop, with up to $544 million in funds raised. Renowned VCs like Paradigm, Winklevoss Capital, Gem Digital, and Apollo Projects, among others, participated in the fundraiser.

“Praxis Society just closed another second round for a total of $525 million, bringing their total to $544.2 million,” one airdrop farmer confirmed.

The airdrop project currently has a form that interested participants can fill out to apply for the Citizenship role. Quality completion increases the chances of getting Citizenship. Participants who complete the tasks may qualify for potential Praxis Society airdrops and rewards.

Azra Games

Azra Games confirmed its airdrop after raising $67.70 million in funding rounds co-led by Pantera Capital and Andreessen Horowitz. Other major backers include Coinbase and Franklin Templeton Investments. It is a blockchain-based video game developer, with the funding intended to support and drive what Azra is describing as the “4th generation of mobile RPGs”.

There is a list of activities to do in the project for a potential airdrop, including joining the waitlist and the Discord. Participants must also link their wallets and perform quests to get points.

The project is at an early stage of development, which means being active positions participants to become early birds.

Vana Network

Vana is a potential airdrop with up to $25 million in funds raised. Coinbase Ventures, Polychain Capital, and Paradigm co-led the tier-one funding as Vana Network looks to transform the AI and data ownership spaces.

The project launched the Data Hero Bot on Telegram, allowing data pioneers to complete challenges and pre-mine VANA points. These will be converted into VANA tokens post-TGE (token generation event).

Beyond that, other activities that make participants eligible for the airdrop include submitting data to relevant DataDAOs for increased rewards. Referrals earn bonus points, and valuable conversions send participants higher in the leaderboard. Installing a Vana Node on the test network also earns extra rewards.

CCP Games

CCP Games is one of the top airdrops with major VC backing. It has raised $40 million, led by Andreessen Horowitz, and other participants include Hashed Fund, Makers Fund, Nexon, Bitkraft Ventures, and Kingsway Capital.  

The project confirmed its airdrop with the ongoing Phase 4 of the EVE Frontier closed test. According to Airdrop Adventure, which researches airdrops, it could happen by the end of the year or shortly after.

Read more: Best Upcoming Airdrops in 2024

According to the project’s official FAQ, an EVE Token will be minted on Ethereum. It is a utility token that can be exchanged for external value. There is also a LUX Token, which is used for in-game transactions. To participate in the airdrop, users must engage in specific social tasks and invite friends.

Airdrop farmers may consider engaging with these projects to increase their chances of receiving valuable tokens. However, there are always security risks and uncertainties when users interact with new crypto projects. Hence, users should take their decisions with proper risk management.