Bitcoin, Ethereum, Dogecoin Trade Mixed After Jobs Data: Analyst Predicts King Crypto To $47K Levels As Santa Rally Comes Into Play

Major cryptocurrencies were trading mixed on Wednesday evening, due to optimism surrounding the possible approval of the spot. Bitcoin Exchange Traded Funds (ETF) and the impact of the upcoming BTC mining reward halving.

Cryptocurrency Earnings +/- Price (Recorded at 9:30 pm EST)
Bitcoin (CRYPT: btc) +0.47% $43,951
Ethereum (CRYPT: ETH) -1.82% $2,243
Dogecoin (CRYPT: DOGE) +2.65% $0.097

What Happened: Bitcoin, after experiencing an impressive rise of approximately 15% in the last 72 hours, is currently showing minimal fluctuations on Wednesday, with its price hovering around $44,000 levels.

In other news, a federal judge accepted Binance founder Changpeng “CZ” Zhao’s guilty plea for violating the Bank Secrecy Act. However, the judge has yet to determine whether Zhao can return to the UAE before his sentencing in February.

The Department of Labor released data indicating that private sector job creation slowed down in November, Wages experienced their slowest growth in more than two years, according to a report from payroll processing company ADP on Wednesday.

The report found that companies added just 103,000 workers during November, slightly lower than the revised figure of 106,000 recorded in October.

Top winner (24 hours)

Cryptocurrency Earnings +/- Price (Recorded at 9:30 pm EDT)
BitTorrent +78.55% $0.0000009157
Helium +71.20% $5.44
Beam +16.25% $0.016

The global crypto market capitalization has reached $1.60 trillion, up 1.18% in the last 24 hours.

U.S. stocks faced a slide on Wednesday as investors analyzed data showing declining inflation and awaited the release of the jobs report. The S&P 500 saw a drop of 0.39%, reaching 4,549.34, while the Nasdaq Composite saw a drop of 0.58%, settling at 14,146.71. . This marked the third consecutive day of losses for the Dow Jones and S&P 500, something that had not happened since October for both indices.

See more: Best cryptocurrency scanners

Analyst Notes: Cryptocurrency analyst Michael Van de Poppe has an important reminder for investors: corrections in the market are inevitable, and when they occur, they will happen quickly. "The approval of a Bitcoin spot ETF is definitely the biggest event in recent years. It doesn't mean the markets are going to move ballistically to $200,000 all at once. Take your profits and buy corrections."

Gentle reminder; Corrections will come and they will be fast. An approval of a place. #Bitcoin ETF is definitely the biggest event in recent years. This doesn't mean the markets are going to move ballistically to $200K all at once. Take your profits and buy...

—Michaël van de Poppe (@CryptoMichNL) December 6, 2023

Eli Taranto, CEO of EQI Bank, in a note seen by Benzinga, said: "As the cryptocurrency market recovers, data released today appears to suggest that traders may be shifting from BTC to ETH as investors They seek to secure positions in utility-based assets.

He added: "Interestingly, this emerging bull market appears to be standing on pillars rather than just legs as retail FOMO is driven by conventional institutional knowledge. As Wall Street comes for Bitcoin, it may still see lower levels of $38 -39K before accelerating Retail investors are still making purchasing decisions based on opinions, rather than facts, leaving BTC exposed to a lot of volatility.

Pseudonymous analyst Bluntz said Bitcoin experienced a period of consolidation below the $40,000 mark for approximately 38 days, extending from late October to late November. "We just had a very nice and healthy month long vertical accumulation in BTC, these sideways corrections build strength for the next leg higher which I think will take us to a low of $46,000+. Enjoy the Santa rally, ho ho ho."

we just had a very nice and healthy month's vertical buildup in #BTCthese sideways corrections build strength for the next leg up which I think will take us to a low of $46k+.🎅Enjoy the santa rally, ho ho ho🎅

- Bluntz (@Bluntz_Capital) December 4, 2023

Joe Vezzani, CEO and founder of LunarCrush, a social media analytics tool, shared a BTC mining chart. "This is truly the most incredible Bitcoin chart. Every 2,016 blocks, the Bitcoin network calculates the time it took to mine these blocks versus what it expects to be 20,160 minutes (two weeks). If the time is less than expected, the network makes it statistically harder to mine. The base demand for mining Bitcoin has increased ENTIRELY in this bear market. Holy shit, bulls!”

Photo by CMP_NZ on Shutterstock

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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