Bitcoin Slips As U.S. July Jobs Data Miss Estimates
By Kapil Rajyaguru
The price of Bitcoin slipped a few dollars to $29,040 in the minutes following the release of the July jobs report.
The U.S. added 187,000 jobs in July, according to the Bureau of Labor Statistics, missing forecasts for 200,000 jobs and up slightly from a revised 185,000 added in June. June’s job gain was originally reported as 209,000.
The unemployment rate edged down to 3.5% in July from 3.6% in June. Economists had forecast a rate of 3.6% for July.
Ether (ETH) added to its underperformance versus bitcoin this year, dropping 1.76% this week, compared with bitcoin’s 0.3% decline. Ether was changing hands at $1827, down by 0.35% in the last 24 hours.
Most of the top altcoins are charting losses as Bitcoin’s price remains completely flat for the past seven days.
But not all altcoins are made equal, and it turns out that SHIB is the only one from the majors that performed well. The cryptocurrency is up some 5% on the week in a sea of red. It’s not without a good reason. Binance, the world’s leading cryptocurrency exchange, just announced that it will now start accepting SHIB as collateral. This is big news, and it’s the primary catalyst for the altcoin’s surge in value.
The global crypto market cap is $1.16T, a 0.62% decrease over the last day. The total crypto market volume over the last 24 hours is $29.03B, which makes a 0.74% decrease. The total volume in DeFi is currently $2.66B, 9.16% of the total crypto market 24-hour volume. The volume of all stable coins is now $26.9B, which is 92.67% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 48.79%, an increase of 0.10% over the day.
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