Synopsis
On Friday, blue-chip cryptocurrencies Bitcoin and Ethereum fell as investors anticipated a critical U.S. jobs report that could impact the Federal Reserve’s decision on interest rate cuts.
Blue-chip cryptocurrencies Bitcoin and Ethereum declined on Friday as investors awaited a crucial US jobs report that could influence the Federal Reserve’s decision on interest rate cuts.
As of 12:38 pm IST, Bitcoin was down 1% at $56,413, while Ethereum fell 1.2% to $2,377. Other cryptocurrencies also experienced losses: Solana was down 1.7%, XRP by 1.6%, Chainlink by 2%, Polkadot by 0.3%, Litecoin by 1.7%, and NEAR Protocol led with a 3.6% drop.
The U.S. non-farm payrolls report, due after Indian markets close, is highly anticipated as it could impact the Federal Reserve’s stance on interest rates. Analysts expect a rise of 1,65,000 in new jobs and a decrease in the unemployment rate to 4.2%.
Crypto Tracker
TOP COIN SETSBTC 50 :: ETH 50-9.43% BuyCrypto Blue Chip – 5-9.44% BuyWeb3 Tracker-10.97% BuyAI Tracker-12.28% BuyNFT & Metaverse Tracker-17.01% BuyTOP COINS (₹) Tether84 (0.15%)BuyBNB42,022 (-1.28%)BuyBitcoin4,677,803 (-2.6%)BuyEthereum196,997 (-2.83%)BuySolana10,793 (-3.39%)BuyHowever, recent data showing weaker job openings and fewer private sector gains has increased the probability of a 50-basis-point cut from the Fed to 42% this month.
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View Details »“The upcoming US payroll data is critical for shaping the Federal Reserve’s decision on interest rate cuts. The market’s current volatility reflects the uncertainty surrounding this report,” said Avinash Shekhar, Co-Founder & CEO of Pi42.
Vikram Subburaj, CEO of Giottus Crypto Platform, noted, “Bitcoin has been trading between $56,000 and $58,000, showing a bearish trend with lower highs and lows. Traders hope the US jobs report will improve the outlook for September’s rate cuts and provide a boost to the crypto market.”
Meanwhile, the global cryptocurrency market capitalization declined by 0.61% to $1.98 trillion over the last 24 hours.
The volume of all stablecoins is now $50.73 billion, 92.56% of the total crypto market 24-hour volume, as per data available on .
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, rose to $1.104 trillion. Bitcoin’s dominance is currently 56.17%, according to . BTC volume in the last 24 hours fell 3.8% to $29.8 billion.
CoinDCX Research Team, said, “BTC is currently trying to push above the $56,000 support level and is moving within a range. A strong push from here could take the price to the $61,600 resistance level, but if BTC loses the $56,000 support, it could drop further. Most altcoins continue to fall and appear weak.”
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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