Crypto Prices Fall as Investors Await Crucial U.S.Jobs Data
Today, September 4, the cryptocurrency market experienced important losses. Traders are growing anxious as they wait for the upcoming Non-Farm Payroll (NFP) data from the United States.
Bitcoin has dipped below $110,000, while Ethereum reached $4,400. The total market value of all cryptocurrencies has dropped by 70 basis points to approximately $3.82 trillion.
The decline stems from uncertainty surrounding the NFP report, which could influence the federal Reserve’s decision on interest rate cuts. Analysts adn traders have lowered their expectations after recent economic indicators showed weaker-than-expected results.
A Labor Department report revealed that July saw a sharp fall in job openings. Additionally, the private sector added onyl 54,000 jobs in August, significantly less than the 106,000 seen in the previous month.
Economists predict the NFP will indicate 75,000 new jobs for August, supporting the likelihood of a 0.25% rate cut by the Fed.
- The Crypto Fear and Greed Index has shifted to a neutral position at 44.
- Liquidations increased by 10% to $228 million in the last 24 hours.
The Altcoin Season Index stayed constant at 52. this stability reflects recent declines in popular altcoins such as Ethereum, XRP, Binance Coin, and Solana.
Cryptocurrency expert insights suggest a potential market rebound this month. Factors driving this optimism include possible rate cuts by the Federal Reserve and upcoming ETF approvals for major altcoins like Solana and XRP.
