Major altcoins including Cardano (ADA) and Dogecoin (DOGE) have experienced a 4% decrease in the past 24 hours, just before the highly anticipated release of the US Nonfarm Payrolls (NFP) report.
Cardano (ADA) and Dogecoin (DOGE) have dropped by 4% as investors in Bitcoin await the release of US payrolls data.
Bitcoin (BTC) is currently trading at $97,800, representing a 1.7% decline.
QCP Capital, a Singapore-based firm, has pointed out that Bitcoin failed to surpass the $99,000 resistance level overnight, leading to a broad market sell-off that dragged BTC to a new daily low of $95,600.
While Ethereum (ETH) experienced a 2% decrease, XRP demonstrated relative resilience with only a 1.1% decline.
Solana (SOL) managed to defy the trend by increasing by 0.2% after investment firm VanEck projected a price target of $520 for SOL by the end of 2025.
The upcoming US payrolls report could significantly impact risk assets, including Bitcoin:
If job growth exceeds expectations, it could raise concerns about inflation, leading to anticipation of higher interest rates, which could exert pressure on crypto prices.
Conversely, weaker-than-expected data could indicate an economic slowdown and potentially boost Bitcoin if the market anticipates lower interest rates from the Federal Reserve.
BTSE COO Jeff Mei commented on the volatile week, stating, “China has demonstrated its ability to act on new tariff policies.” He also noted that potential tariffs on the EU by the Trump administration could add further uncertainty to global markets.
Bitcoin’s reaction to the NFP report will be closely monitored as changes in risk sentiment, the strength of the dollar, and liquidity conditions could drive the next significant movement in the crypto market.
The data will be released today at 16:30. You can follow our website to stay updated on the data and its immediate impact on the market.
*This translation does not constitute investment advice.