• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Bitcoin Falls 5% After US Employment Data Release

user avatar

by Giorgi Kostiuk

a year ago

Following the release of US employment data, Bitcoin's price fell by 5%, causing market disruptions.

Impact of Economic Data on the Market

The Job Openings and Labour Turnover Survey (JOLTS) indicated an increase in job openings to 8.1 million in November, triggering a drop in Bitcoin's price to $97,000. This increase in job numbers reduces the likelihood of interest rate cuts by the Federal Reserve, negatively impacting risk assets.

Position Liquidation and Volatility

Amid a price decline exceeding 5%, Bitcoin long positions worth over $30 million were liquidated within an hour. Recent movements of large Bitcoin volumes to exchanges intensify selling pressure.

We're in the 'good data is bad data' phase of the market for risk assets.Miles Deutscher

Bitcoin Analysis and Predictions

Experts warn of potential further drops to $85,000-$90,000. However, improved regulation with upcoming US political initiatives is expected to support the cryptocurrency market in the mid-term.

The current state of the US economy continues to impact the cryptocurrency market. The market's future direction will depend on economic indicators and political developments.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

MicroStrategy Resumes Bitcoin Purchases After Clarifying Position

chest

This week, MicroStrategy resumed its Bitcoin purchases after chairman Michael Saylor clarified the company's position regarding potential sales.

user avatarSon Min-ho

Bitcoin Net Realized Profit/Loss Metric Turns Positive for First Time in 5 Months

chest

The Bitcoin Net Realized Profit/Loss metric has turned positive for the first time in over five months, signaling a significant improvement in market confidence.

user avatarTando Nkube

Crypto Analyst Predicts XRP Rally to $2.15

chest

Crypto analyst Tom predicts XRP will reach a new all-time high of $2.15, citing a bullish trend indicated by a 3-week golden cross.

user avatarAyman Ben Youssef

Bitcoin Price Surges Above $80,000 as Market Indicators Turn Positive

chest

Bitcoin's price has rebounded above the pivotal $80,000 mark, signaling a potential shift in market dynamics with key indicators showing strength.

user avatarKofi Adjeman

Warren Buffett Advocates Long-Term Investment in Microsoft Stock

chest

Warren Buffett emphasizes the importance of holding stocks for at least 10 years, highlighting the potential gains from investing in Microsoft.

user avatarNguyen Van Long

Senate Banking Committee to Discuss Digital Asset Market Clarity Act

chest

The Senate Banking Committee will meet to discuss the Digital Asset Market Clarity Act, which aims to clarify the regulatory status of crypto assets.

user avatarJesper Sørensen

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.