Cryptocurrencies such as Bitcoin and Ethereum declined on Friday, as investors awaited a crucial US employment report that could influence the Federal Reserve’s decision on whether to cut interest rates.
Bitcoin declined, falls below $56,000
As of 12:38 p.m. EST, Bitcoin was down 1% at $56,413, while Ethereum fell 1.2% to $2,377, and the following cryptocurrencies also declined
- Solana: 1.7%
- XRP: 1.6%
- Chainlink: 2%
- Polkadot: 0.3%
- Litecoin: 1.7%
- NEAR Protocol: 3.6%.
The US non-farm payrolls report is eagerly awaited as it may affect the Federal Reserve’s stance on interest rates, which will come after the Indian market closes. Also, experts expect new jobs to increase by 1,65,000 and the unemployment rate to fall to 4.2%.
Avinash Shekhar, Co-founder and CEO of Pi42 said, “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.”
Vikram Subburaj, CEO of the Giottus crypto platform, also said, “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 market cap of Bitcoin grew to $1.104 trillion in the last 24 hours. According to CoinMarketCap, Bitcoin dominance is currently at 56.17% and BTC volume fell by 3.8% to $29.8 billion in the last 24 hours.
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.”
