Major altcoins including Cardano (ADA) and Dogecoin (DOGE) have experienced a 4% decline in the past 24 hours, just before the highly anticipated release of the US Nonfarm Payrolls (NFP) report.
Cardano (ADA) and Dogecoin (DOGE) have both dropped by 4% as investors in Bitcoin eagerly await the release of the US Payrolls data. The current trading price of Bitcoin (BTC) is $97,800, representing a decrease of 1.7%.
QCP Capital, a Singapore-based company, has pointed out that Bitcoin failed to surpass the resistance level of $99,000 during the night, resulting in a sell-off across the market. This caused BTC to reach a new daily low of $95,600.
While Ethereum (ETH) experienced a 2% decrease, XRP showed relative resilience with only a 1.1% decline. Surprisingly, Solana (SOL) managed to defy the trend by increasing by 0.2%. This was due to investment firm VanEck projecting a price target of $520 for SOL by the end of 2025.
The upcoming US Payrolls report is expected to have a significant impact on risk assets, including Bitcoin. If job growth exceeds expectations, it could raise concerns about inflation and lead to expectations of higher interest rates, which may put pressure on crypto prices. Conversely, weaker-than-expected data could signal an economic slowdown and potentially boost Bitcoin if markets anticipate lower interest rates from the Federal Reserve.
BTSE COO Jeff Mei commented that it has been a volatile week, with China demonstrating its ability to act on new tariff policies. Mei also highlighted the potential for the Trump administration to impose tariffs on the EU, which could further contribute to uncertainty in global markets.
The reaction of Bitcoin to the NFP report will be closely monitored, as shifts in risk sentiment, the strength of the US dollar, and liquidity conditions could drive the next significant movement in the cryptocurrency market.
The data will be published today at 16:30. You can follow our site to track the data and promptly learn about its impact on the market.
*This is not investment advice.
