Major cryptocurrencies traded in the red on Sunday night amidst Mixed signals from the US job market.
| cryptocurrency | Earnings +/- | Price (Taped at 9:30 pm EDT) |
| Bitcoin USD/BTC | -0.69% | $30,118 |
| Ethereal EUR/USD | -0.54% | $1,857 |
| dogecoin DOGO/USD | -2.15% | $0.064 |
What happened: In June, nonfarm payrolls (NFPs) increased by 209,000, as reported by the Bureau of Labor Statistics. This figure was below economists' expectations of 225,000, indicating a decline from May's revised increase of 306,000.
These numbers suggest a weakening of the employment momentum in the previous month.
This lower-than-expected reading comes on the heels of an impressive National Employment Report from ADP, which showed a staggering 497,000 job creations in June.
managing director of JPMorgan by Nikolaos Panigirtzoglou The report highlighted a potential downside for crypto markets.
According to the report, a spot Bitcoin exchange-traded fund (ETF) may not have the transformative effect that many anticipate in the crypto space.
Panigirtzoglou points to the disappointing interest in spot Bitcoin ETFs in Canada and Europe for reference, suggesting that even in the US, their impact could be limited.
Maximum winner (24 hours)
| cryptocurrency | Earnings +/- | Price (Taped at 9:30 pm EDT) |
| Compound | +8.46% | $58.53 |
| ONE BUT TIME | +4.60% | $4.11 |
| Curve CAD Tab | +1.30% | $0.7973 |
At the time of writing, the global crypto market capitalization stood at $1.17 trillion, down 1.03% from the last day.
US Stock Futures It posted slight gains late Sunday in anticipation of upcoming inflation data and the start of second-quarter earnings season. Nasdaq 100 futures rose 0.01%, while S&P 500 futures registered an increase of approximately 0.1%.
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Analyst Notes: "The markets are consolidating. Areas I would be interested in potential longs are identified above $29,500 for Bitcoin or $30,800 trade. Relatively simple, but I think as one's Bitcoin starts to show strength, Altcoins can come back into balance to a large degree," he wrote. Michael Van de Poppe, crypto analyst
crypto analyst DonAlt sheds light on the challenges facing Bitcoin as it aims to overcome a crucial psychological level.
DonAlt emphasizes that his observations on the S&P 500's resistance go back a month, when the index reached $4,300-$4,200. Acknowledging the potential impact on traditional markets, he highlights the risk of a slowdown.
โSo if you are struggling after having a catalyst as big as the BlackRock ETF application, if that is offset by the S&P taking a bit of a risk and then having more trouble with Binance, you could see that it would be quite explosive.โ and bad enough... It's taking too long. We have a lot of risky stuff in the market, and the S&P is on hold."
Based on data from Holy, it looks like Bitcoin sharks and whales continue to show strong accumulation, despite prices hovering around the $30,000 to $31,000 range. Since June 17, there has been an increase of 71,000 coins, with a total value of $2.15 billion, in the wallets of 10 to 10,000 BTC addresses.
Photo courtesy: Shutterstock.com
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