Markets
Bitcoin, Ethereum and Dogecoin Rise on Weakening Job Market Indicator: Analyst Says He Will Hand Out Cash for Retweets If King Crypto Doesn’t Reach $95,000 by This Point
Major cryptocurrencies rose as a weaker private sector employment report boosted investors’ risk appetite.
| Cryptocurrency | Earnings +/- | Price (recorded at 8:35 pm EDT) |
| Bitcoin (CRYPTO: Bitcoin) | +0.74% | $71,157.21 |
| Ethereum (CRYPTO: ET) | +1.22% | $3,863.76 |
| Dogemoneta (CRYPTO: DOGE) | +1.08% | $0.1631 |
What happened: Bitcoin it broke $71,000 for the first time in over two weeks, reaching $71,670 before facing resistance. The second largest cryptocurrency in the world, Ethereumit also rose, exceeding the $3,850 threshold.
The rally triggered $111.72 million worth of liquidations in the past 24 hours, with more than 39,000 traders receiving “rekts.”
Over the past 24 hours, open interest in Bitcoin futures rose 1.38% to $37.61 billion, bringing the week’s total gains to more than 12%. This was a sign that investors were betting on more volatility around King Crypto.
Interestingly, the number of traders taking bearish short positions on Bitcoin increased compared to those taking bullish bets, indicating that the market was expecting a correction.
Best profit (24 hours)
| Cryptocurrency | Earnings +/- | Price (recorded at 8:30 pm EDT) |
| Stacks (STX) | +12.22% | $2.42 |
| Coat (MNT) | +7.18% | $1.04 |
| Chrono (CRO) | +6.36% | $0.1191 |
The global cryptocurrency market capitalization increased by 0.44% to $2.64 trillion in the last 24 hours.
Stocks rallied sharply on Wednesday. THE S&P500 it jumped 62.69 points, or +1.18%, to close at the record level of 5,354.03. Focused on technology Nasdaq composite it rose by 1.96% also reaching a new record of 17,187.90. THE Dow Jones industrial average it added 0.25% to finish at 38,807.33.
The surge was driven in part by a 5% jump in shares of the AI chip giant NVIDIA Corp. (NASDAQ:NVDA), which he surpassed The Apple company. (NASDAQ:AAPL) to become the second most valuable U.S. company.
Additionally, weaker private payrolls data for May fueled optimism for Fed rate cuts, adding further momentum to the rally.
Investors will be keeping an eye on Friday’s major nonfarm payrolls report for further signs of a weakening labor market, the catalyst for a more dovish approach from the Fed.
See more: Best Cryptocurrency Scanners
Analyst Notes: A widely followed cryptocurrency trader on X, under the pseudonym ionicXBTmade a bold prediction for Bitcoin.
“If BTC DOES NOT reach $95,000 by August 31, 2024, I will give £50 to everyone who RETWEETS this tweet,” the trader said.
They highlighted their past predictions about the latest bull cycle in 2021 to add more credibility to their claims.
A short-term prediction from the popular cryptocurrency analyst Michael van de Poppe predicted a new all-time high for King Crypto. Van de Poppe also took a bullish stance on the altcoin market, expecting them to “start the engine.”
Read next: BlackRock’s Bitcoin ETF is up 50% since launch: Indicators point to continued BTC bull run
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