Major altcoins including Cardano (ADA ($0.73)) and Dogecoin (DOGE ($0.25)) are down 4% in the past 24 hours ahead of the highly anticipated US Nonfarm Payrolls (NFP) report.
Cardano (ADA) and Dogecoin (DOGE) Drop 4% as Bitcoin Investors Await US Payrolls Data
Bitcoin (BTC ($97,729.74)) is trading at $97,800 today, down 1.7%.
Singapore-based QCP Capital noted that Bitcoin failed to reclaim the $99,000 resistance level overnight, triggering a market-wide sell-off that pushed BTC to a new daily low of $95,600.
- While Ethereum (ETH ($2,748.65)) fell by 2%, XRP ($2.40) showed relative resilience, falling only 1.1%.
- Solana (SOL ($197.89)) managed to buck the trend by rising 0.2% after investment firm VanEck projected a $520 price target for SOL by the end of 2025.
The upcoming US payrolls report could have a significant impact on risk assets, including Bitcoin:
- Stronger-than-expected job growth could raise inflation fears, leading to expectations of higher interest rates, which could put pressure on crypto prices.
- On the other hand, weaker-than-expected data could signal an economic slowdown and could potentially boost Bitcoin if markets expect lower interest rates from the Federal Reserve.
“It’s been a volatile week as China has demonstrated its ability to act on new tariff policies,” BTSE ($0.59) COO Jeff Mei said in a note.
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 published today at 16:30. You can follow our site to follow the data and learn its impact on the market immediately.
*This is not investment advice.
Continue Reading: Cardano (ADA) and Dogecoin (DOGE) Continue to Fall Ahead of US Nonfarm Payrolls Data! Here Are the Details
