Bitcoin Slips Below $26K Despite Employment Slowdown
By Laxmikant Khanvilkar
Bitcoin’s rally above $28,000 following Grayscale’s win over the SEC was short-lived as the asset lost all gains by dumping below $26,000.
Ether, the second largest cryptocurrency by market cap, was trading around $1630, down by 1,2% in the last twenty four hours.
Most altcoins are also deep in the red, with DOT, MATIC, LTC, and BCH plummeting by more than 5% overnight.
Meanwhile, The U.S. added 187,000 jobs in August versus expectations for 170,000 and up from a downwardly revised 157,000 in July. The unemployment rate for August was 3.8% versus forecasts for 3.5% and last month’s 3.5%.
The price of bitcoin was little-changed at just below $26,000 in the minutes following the report from the Bureau of Labor Statistics. Traditional markets, however, are reacting, with U.S. stock index futures moving higher, while the greenback and Treasury yields slip lower.
With ETF hopes shelved for what could be many more months, bitcoin bulls might be looking to a softening in the economy and thus lower interest rates as a possible catalyst.
The CME FedWatch Tool continues to show traders fully expecting the U.S. Federal Reserve to remain on hold at its September meeting. The odds of a rate hike at the early November meeting remain at about a one-in-three chance.
The global crypto market cap is $1.04T, a 0.77% decrease over the last day. The total crypto market volume over the last 24 hours is $33.98B, which makes a 10.20% decrease. The total volume in DeFi is currently $2.1B, 6.19% of the total crypto market 24-hour volume. The volume of all stable coins is now $32.53B, which is 95.74% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 48.29%, an increase of 0.00% over the day.
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