Coinworld.net reports:
Bitcoin experienced a significant decline today, with Ethereum dropping to $2,900. Despite anticipation surrounding the upcoming ETH ETF listing, concerns over billions in sell-offs may drive the cryptocurrency market into negative territory. This situation marks one of the most severe series of losses in the market since the MTGOX hack. Speculation about repayment schedules has also contributed to the market downturn.
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1. What do QCP Capital experts predict?
2. How will employment data impact cryptocurrencies?
3. Key takeaways for investors
QCP Capital experts predict:
BTC is striving to reclaim $57,000 following its recent steep drop, yet investors remain cautious post-recent lows. ETH temporarily rebounded to $2,985, while most altcoins continue in a loss state, though SOL Coin successfully rose to $135, offsetting its 24-hour losses. Visit NEWSLINKER for the latest in tech news.
QCP Capital analysts shared their insights in their latest market update. They noted that cryptocurrencies saw a sharp decline upon the reopening of Asian markets. Bitcoin and Ethereum showed minor recoveries before the US stock market opened. Reasons for this decline include new BTC supply from Mt. Gox and the German government, along with speculative liquidation of around $58,000 during the US holiday.
How will employment data impact cryptocurrencies?
A significant downturn in non-farm employment data today serves as a highlight, aiding BTC’s rise post-US market opening. Fed Chairman Powell often indicates that in the event of weak employment data, an early interest rate cut may be considered. Despite rising unemployment rates and slowing wage growth, non-farm employment numbers remain robust.
Key takeaways for investors:
Monitor closely the price trends of Bitcoin and Ethereum, especially with the upcoming ETF listing and potential sell-offs. Stay updated on macroeconomic indicators like US employment data, which could influence Fed policy and cryptocurrency market dynamics. Assess the impact of new BTC supplies from major sources like Mt. Gox on market stability.
With revisions to employment data, the Fed’s stance may soften, potentially alleviating the impact of new sales supply on the cryptocurrency market. This could mitigate ongoing volatility and offer investors a more stable outlook.
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Disclaimer: Information contained herein does not constitute investment advice. Investors should be aware of the high volatility of cryptocurrencies, thus bearing risks and conducting their own research.
