Cryptocurrencies and other cryptocurrencies fell on Friday ahead of the release of the monthly US jobs report. With stock markets closed on Good Friday, digital assets will be a leading indicator of risk appetite in reaction to data.
Bitcoin price has fallen by less than 1% over the past 24 hours to close to $27,900. The biggest digital asset was holding below the $28,000 mark at which prices have been hovering recently — around the highest level since the cryptocurrency crash accelerated last June, though the recent rally near $29,500 has declined. Bitcoin is up 70% this year in a move that has sparked calls for a new bull market.
“When a large number of markets are closed, we will see if traders will look to take advantage of the single market that trades 365 days a year,” said Edward Moya, analyst at broker Oanda. “Bitcoin remains near the upper bounds of its trading range and could see a good opportunity to break the $30,000 level over the weekend.”
Cryptocurrency has recently returned to its relationship with stocks, and corresponds to
Dow Jones Industrial Average
Standard & Poor’s 500
As a reaction to the macroeconomic forces that affect the two asset classes. With the stock market closed for the long weekend, it will be interesting to watch the reaction of digital assets to the US March Nonfarm Payrolls report, due at 8:30AM ET.
Bitcoin’s big rally so far this year has come amid expectations that the Federal Reserve will become more accommodating to monetary policy, moderate higher interest rates and possibly even cut rates in 2023. The central bank’s campaign to raise interest rates over the past year has been in an attempt to rein in Inflation is the driving force behind the sell-off in stocks and cryptocurrencies over the same period.
Announcement – scroll to continue
Friday’s jobs report will be a key data point for the Fed ahead of its next interest rate decision, and investors will likely want to see that tightness in the labor market eases – but not by much, which could indicate the economy is at greater risk. from slack.
– the second largest cryptocurrency – fell 1.5% to $1,850. Cryptocurrencies or micro digital currencies offered more of the same, with both
1.5% discount. Memecoins were weaker, with the wind blowing out of the sails
— down 10% — after an Elon Musk-fueled rally in recent days, though
It drops only 1.5%.
Write to Jack Denton at [email protected]