Major cryptocurrencies like Cardano (ADA), Dogecoin (DOGE), and Bitcoin (BTC) have experienced declines in the past 24 hours, driven by uncertainty surrounding the upcoming U.S. Non-Farm Payrolls (NFP) report. Traders are closely watching the data for clues about the Federal Reserve's interest rate policies and their potential impact on the crypto market.
Strong job growth can fuel fears of inflation and rising interest rates, while weak economic data might signal a slowdown. Traders are closely watching U.S. payrolls for clues about the Federal Reserve 's next move. Major cryptocurrencies like Cardano (ADA) and Dogecoin (DOGE) dipped 4% in the past 24 hours, leading losses among major tokens. Bitcoin (BTC) traded around $97,300, down 1.7% in the past 24 hours, as the broader CoinDesk 20 (CD20) index fell 2.3%.
'Bitcoin failed to reclaim the $99K resistance level last night, triggering a broad selloff in the market and pushing BTC back to a new daily low of $95.6K,' Singapore-based QCP Capital said in a Telegram broadcast. 'With a three-day losing streak, the outlook for crypto remains uncertain.'Ether (ETH) declined 2%, while XRP outperformed BTC with a slight drop of 1.1% following a brief Thursday sell-off. Solana's SOL bucked the trend, rising 0.2% as investment firm VanEck predicted it could reach $520 by the end of 2025. Volatility in the crypto market this week has been driven by factors like China's new tariff policies and uncertainties surrounding pending tariffs from the U.S. against various countries. 'It's been a volatile week as China has proved that it can take measures against new tariff policies,' Jeff Mei, COO at BTSE, told CoinDesk. 'It looks as if there is a wide breadth of tools at their disposal which can act as leverage. Additionally, we've yet to see Trump tariffs hit the EU, so markets will likely continue to be fluctuating through the next few weeks,' Mei added. The upcoming U.S. Non-Farm Payrolls (NFP) report, which details job creation, unemployment rate, and wage changes, is expected to influence market sentiment. Strong job growth might lead to fears of inflation and rising interest rates, while weak data might signal a slowdown, potentially lowering rates expectations. Bitcoin's price often reacts to this data through shifts in risk sentiment, liquidity, and the dollar's value. Positive payrolls could bolster bitcoin and the broader crypto market if they spur a risk-on market mood, while negative data might lead to a sell-off
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