Bitcoin Rally Stalled, Rates Present Headwinds
By Laxmikant Khanvilkar
Bitcoin is ending the week on a down note after the optimism that pushed the price of the largest digital asset to a one-year high fades amid a flurry of fresh industry turmoil and crosscurrents in global financial markets.
The cryptocurrency, which accounts for about half of the crypto sector’s $1.2 trillion market value, edged lower for a fourth consecutive day to settle around $30,300 on Saturday. The token briefly touched $31,504 on Thursday, the highest level since June 2022.
The prospects of the Federal Reserve raising borrowing costs this month increased after stronger-than-expected private payrolls data affected how Wall Street views risk assets, Bitcoin included. Swap traders are almost fully pricing in a quarter-point increase for their July meeting, and about 40% odds of another one by year-end.
Meanwhile, The U.S. added 209,000 jobs in June, slightly missing expectations for 230,000 and down from a downwardly revised 306,000 in May, according to the monthly employment report from the Bureau of Labor Statistics (BLS). May’s job gain was originally reported as 339,000. The unemployment rate dipped to 3.6% in June versus 3.7% in May and against expectations for 3.7%.
Ether was trading around $1870, up by 1.2% in the last 24 hours.
The global crypto market cap is $1.18T, a 1.03% increase over the last day. The total crypto market volume over the last 24 hours is $30.99B, which makes a 29.77% decrease. The total volume in DeFi is currently $2.08B, 6.72% of the total crypto market 24-hour volume. The volume of all stable coins is now $28.66B, which is 92.47% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 49.95%, an increase of 0.10% over the day.
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