Major cryptocurrencies such as Cardano (ADA) and Dogecoin (DOGE) experienced a 4% drop in value over the past 24 hours ahead of the anticipated US Nonfarm Payrolls report.
Current Market Overview
Today, Bitcoin (BTC) is trading at $97,800, down 1.7%. Singapore-based QCP Capital noted that Bitcoin failed to reclaim the $99,000 resistance level overnight, causing a market-wide sell-off that pushed BTC to a new daily low of $95,600. While Ethereum (ETH) fell by 2%, XRP showed relative resilience by only decreasing 1.1%. Solana (SOL) managed to buck the trend by rising 0.2% after the investment firm VanEck projected a $520 price target for SOL by the end of 2025.
Economic Data Impact on Market
The upcoming US payrolls report could significantly impact risk assets, including Bitcoin. Stronger-than-expected job growth could raise inflation fears, leading to expectations of higher interest rates, which might put pressure on crypto prices. Conversely, weaker-than-expected data could signal an economic slowdown, potentially boosting Bitcoin if markets expect lower interest rates from the Federal Reserve.
Expectations and Outlook
BTSE COO Jeff Mei mentioned that it has been a volatile week as China demonstrated its ability to act on new tariff policies. He also noted that the Trump administration's potential tariffs on the EU could continue to add uncertainty to global markets. Bitcoin's reaction to the NFP report will be closely watched as shifts in risk sentiment, dollar strength, and liquidity conditions could drive the next big move in the crypto market. The data will be released today at 16:30.
The movement of cryptocurrency prices in the coming days will largely depend on economic data and its impact on market expectations.
