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Crypto Market Declines Before US Jobs Report
On January 8, the crypto market continued its downward trend as investors looked ahead to the U.S. non-farm payroll (NFP) report, an important metric for Federal Reserve policy. Bitcoin decreased from its year-to-date peak of $94,500 to $89,344, and Ethereum dropped beneath $3,057. Total market capitalization fell by 1.2% to $3.17 trillion, while trading volume decreased to $113 billion—the lowest level this week.
Futures open interest fell by 1% to $139 billion, indicating lower leverage, as liquidations surpassed $477 million, primarily affecting Bitcoin and Ethereum bulls.
Market players are attentively observing the jobs data being released on Friday. Economists anticipate that December will see an addition of over 55,000 jobs, with unemployment possibly decreasing from 4.6% to 4.5%. A disappointing report might be positive for crypto, increasing the likelihood of Fed rate reductions.
At the same time, interest in Bitcoin, Ethereum, and XRP ETFs declined. Bitcoin ETFs experienced outflows totaling $486 million, Ethereum $98 million, and XRP $40 million—marking the first outflow since November.
From a technical standpoint, Bitcoin is creating a rising wedge pattern, indicating a possible rebound and potential gains for altcoins in the upcoming months.
Even with temporary declines, the market indicates stabilization as traders prepare for important economic reports.
#CryptoMarkets #AnalysisOfBitcoin #UpdateOnEthereum #DigitalAssets #TradingCrypto #MarketTrends
$ETH
Crypto Market Declines Before US Jobs Report
On January 8, the crypto market continued its downward trend as investors looked ahead to the U.S. non-farm payroll (NFP) report, an important metric for Federal Reserve policy. Bitcoin decreased from its year-to-date peak of $94,500 to $89,344, and Ethereum dropped beneath $3,057. Total market capitalization fell by 1.2% to $3.17 trillion, while trading volume decreased to $113 billion—the lowest level this week.
Futures open interest fell by 1% to $139 billion, indicating lower leverage, as liquidations surpassed $477 million, primarily affecting Bitcoin and Ethereum bulls.
Market players are attentively observing the jobs data being released on Friday. Economists anticipate that December will see an addition of over 55,000 jobs, with unemployment possibly decreasing from 4.6% to 4.5%. A disappointing report might be positive for crypto, increasing the likelihood of Fed rate reductions.
At the same time, interest in Bitcoin, Ethereum, and XRP ETFs declined. Bitcoin ETFs experienced outflows totaling $486 million, Ethereum $98 million, and XRP $40 million—marking the first outflow since November.
From a technical standpoint, Bitcoin is creating a rising wedge pattern, indicating a possible rebound and potential gains for altcoins in the upcoming months.
Even with temporary declines, the market indicates stabilization as traders prepare for important economic reports.
#CryptoMarkets #AnalysisOfBitcoin #UpdateOnEthereum #DigitalAssets #TradingCrypto #MarketTrends
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