Global Cryptocurrency Market Sees Selloff as Traders Await US Payrolls
Cardano and Dogecoin Lead Losses, Bitcoin and ETH Fall Short
The global cryptocurrency market experienced a selloff in the past 24 hours, with Cardano (ADA) and dogecoin (DOGE) leading the losses. This comes as traders await the release of the US Non-Farm Payrolls report, which is expected to have a significant impact on the market.
Bitcoin’s Price Remains Volatile
Bitcoin (BTC) traded at around $97,300 in European morning hours on Friday, down 1.7% from the previous day. The CoinDesk 20, a liquid index of the largest tokens by market capitalization, fell 2.3%. The price of Bitcoin failed to reclaim the $99,000 resistance level, triggering a broad selloff in the market and pushing the price back to a new daily low of $95,600.
QCP Capital Weighs in on the Market
According to Singapore-based QCP Capital, “Bitcoin failed to reclaim the $99K resistance level last night, triggering a broad selloff in the market and pushing BTC back to a new daily low of $95.6K. With a three-day losing streak, the outlook for crypto remains uncertain.”
Ethereum and XRP Experience Mixed Results
Ethereum (ETH) fell 2.1% in the past 24 hours, while XRP experienced a slight decline of 1.1% after a brief sell-off on Thursday. Solana’s SOL token was up 0.2% as investment firm VanEck predicted the token would hit $520 by the end of 2025.
Market Volatility Expected to Continue
Traders are expecting continued volatility in the market, citing concerns over the impact of China’s tariff policies and the upcoming US Non-Farm Payrolls report. Jeff Mei, COO at BTSE, notes that “it’s been a volatile week as China has proven that it can take measures against new tariff policies. It looks as if there is a wide breadth of tools at their disposal which can act as leverage.”
US Non-Farm Payrolls Report: A Key Event for Cryptocurrencies
The US Non-Farm Payrolls report is a monthly report detailing job creation, unemployment rates, and wage changes, which can significantly impact market expectations around Federal Reserve interest rate policies. Strong job growth can lead to fears of inflation, resulting in higher interest rates, while weak data might signal an economic slowdown, leading to lower rate expectations and affecting currency and bond yields. Bitcoin’s price reacts to this data through shifts in risk sentiment, liquidity, and the dollar’s value. Positive payrolls might bolster Bitcoin and the broader crypto market if it spurs a risk-on market mood and vice versa.
Conclusion
The cryptocurrency market is expected to remain volatile in the coming days, with traders awaiting the release of the US Non-Farm Payrolls report. The selloff in the past 24 hours has led to losses among major tokens, with Cardano and dogecoin leading the pack. As the market continues to navigate these uncertain times, it is essential for investors to stay informed and adapt to the changing landscape.
FAQs
Q: What is the US Non-Farm Payrolls report?
A: The US Non-Farm Payrolls report is a monthly report detailing job creation, unemployment rates, and wage changes, which can significantly impact market expectations around Federal Reserve interest rate policies.
Q: How does the US Non-Farm Payrolls report affect the cryptocurrency market?
A: The report can impact the cryptocurrency market through shifts in risk sentiment, liquidity, and the dollar’s value. Strong job growth can lead to fears of inflation, resulting in higher interest rates, while weak data might signal an economic slowdown, leading to lower rate expectations and affecting currency and bond yields.
Q: What is the expected impact of the US Non-Farm Payrolls report on the cryptocurrency market?
A: The report is expected to have a significant impact on the cryptocurrency market, with strong job growth potentially bolstering Bitcoin and the broader crypto market, and weak data leading to a risk-off market mood.
Q: What are the key factors influencing the cryptocurrency market?
A: The key factors influencing the cryptocurrency market include China’s tariff policies, the US Non-Farm Payrolls report, and shifts in risk sentiment, liquidity, and the dollar’s value.
