• 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

Whales Transfer Millions of LINK to Binance Ahead of Pangea News

chest

Whales moved millions of LINK tokens to Binance in anticipation of the upcoming Pangea news.

user avatarMaria Fernandez

Bitcoin Reclaims Key Support Level Amid Cooling Whale Selling

chest

Bitcoin has rebounded from the $58,000 area, indicating a potential stabilization in the market as whale selling pressure cools.

user avatarGustavo Mendoza

Insights from Cardano Community Research Featured in Report

chest

The report utilizes information gathered from Cardano community research materials, providing valuable insights and data for understanding Cardano's developments.

user avatarRajesh Kumar

Current Report Leverages Insights from Santiment

chest

The report utilizes data and insights from Santiment to support its findings, thereby increasing the credibility of the report's conclusions.

user avatarMiguel Rodriguez

SUI Group Increases Loan to Bluefin, Strengthening DeFi Ties

chest

SUI Group Holdings Limited has expanded its lending agreement with Bluefin, increasing the total loan to 6 million SUI to support Bluewater Labs' acquisition of Suilend.

user avatarLuis Flores

Sui Seal MPC Introduces Hidden Bids for Enhanced AI Trading Security

chest

Mysten Labs has introduced a feature in the Sui Seal MPC system that enables hidden bids for AI trading, enhancing security and reducing risks of frontrunning.

user avatarMaria Gutierrez

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.