Cryptocurrency prices dropped close to 1 percent in the past 24 hours amidst a weaker than expected job market report.
Data released by the U.S. Bureau of Labor Statistics just a while ago showed the U.S. economy added 209 thousand jobs in June 2023 versus market expectations of 225 thousand. Figures for May were revised lower by 33 thousand to 306 thousand. As expected, the unemployment rate dropped to 3.6 percent from 3.7 percent earlier. The average hourly wages stood at 0.4 percent on a month-on-month basis and at 4.4 percent on a year-on-year basis.
Data released on Thursday by ADP Inc had indicated that private businesses in the US created 497 thousand jobs in June 2023, the most since February 2022, and well above forecasts of 228 thousand. Also, the JOLTs Job Openings Report for May had revealed 9.8 million vacancies, versus 10.32 million a month earlier and expectations of 9.9 million.
Earlier, the ISM Services PMI reading for June had recorded 53.9, rising from 50.3 a month earlier and much higher than the expectations of 51.
Though the data revealed a mixed picture of the job market and the economy as a whole, expectations regarding rate hike by the Fed in the next review due on July 26 still remains strong.
The CME Fed Watch tool indicates a 94.9 percent probability for a for a 25-basis points rate hike and 5.1 percent for a pause. The same stood at 92:8 a day earlier and 87:13 a week earlier.
The Dollar retreated as markets digested the effects of recent data. The Dollar Index, a measure of the Dollar’s strength against a basket of 6 currencies is currently at 102.87, versus 103.17 a day earlier.
The overall crypto market capitalization is currently at $1.18 trillion versus $1.19 trillion a day earlier.
Bitcoin (BTC), the leading cryptocurrency has shed 1.51 percent overnight and 2.57 percent over the past week to trade at $30,150.19. The 24-hour trading range was between $30,656.95 and $29,777.28. Year-to-date gains exceed 81 percent.
Ethereum traded between $1,906.96 and $1,832.03 in the past 24 hours. It is currently changing hands at $1,862.13, having lost 2.2 percent overnight and 2.11 percent over the past week. Year-to-date gains have fallen to 55 percent.
Bitcoin dominates 49.9 percent of the overall crypto market, followed by Ethereum which commands a 19.03 percent market share.
4th ranked BNB (BNB) shed close to 2 percent in the past 24 hours amidst reports that senior executives of the regulatory and compliance team of Binance have quit amidst an investigation by the Department of Justice. The cryptocurrency is currently changing hands at $234.79.
6th ranked XRP (XRP) dropped 1.4 percent overnight. It also yet to recoup 2.9 percent losses made over the past week.
7th ranked Cardano (ADA) has lost 1.2 percent overnight. It is also saddled with losses of close to 5 percent over the past week and 15 percent over the past 30 days.
8th ranked Dogecoin (DOGE) lost 1.92 percent overnight. Sentiment for the crypto weakened amidst the emergence of Meta’s rival for Twitter. The meme coin has not recovered the weekly losses of more than 1 percent.
9th ranked Solana (SOL) has added 5.6 percent overnight and 8.5 percent over the past week. SOL touched a 30-day high of $20.92 earlier in the trade and is the highest ranking crypto to record gains on an overnight and weekly basis.
10th ranked Litecoin (LTC) has dropped 4.7 percent and 5 percent over the past week.
53rd ranked eCash (XEC) topped the price charts with an overnight rally of 5.7 percent. XEC and SOL are the only two cryptocurrencies among the top 100 to trade with overnight gains of more than 1 percent.
52nd ranked Fantom (FTM) is the biggest laggard, shedding more than 9 percent in the past 24 hours.
On a weekly basis, 42nd ranked Maker (MKR) which gained close to 17 percent tops the list. 62nd ranked Apecoin (APE) which shed more than 17 percent lags the most.
On a year-to-date basis, 70th ranked Conflux (CFX) continues to top the price charts. Year-to-date gains have however fallen to 730 percent. 98th ranked PancakeSwap (CAKE) which has eroded 54 percent is the biggest laggard in 2023.
For More Cryptocurrency News, visit rttnews.com
Source: Read Full Article