Markets
Cryptocurrency Markets Slump After US Jobless Claims Report
Solana continues to outperform, with a 10% gain over the past week.
Cryptocurrency markets fell slightly on Thursday morning following the release of the latest US unemployment claims report.
The Department of Labor reported that claims for unemployment benefits fell from the previous week, reaching 222,000 for the week of May 12, slightly above the Dow Jones forecast of 220,000.
Bitcoin (BTC) is trading at $65,600, up 1% over the past 24 hours. Ether (ETH) fell below $3,000, while Solana (SOL) rose nearly 5%, according to CoinGecko data.
Bitcoin price
Reduction in unemployment claims is often seen as a sign of economic stability. A stable economy generally fosters investor confidence, which can extend to riskier assets like cryptocurrencies.
Michael Van de Poppe, CEO of MN Trading, expressed optimism about Bitcoin’s recent performance and its potential impact on altcoins. He tweeted: “This is when I think Altcoins will start to accelerate as confidence returns to the markets.”
Second CoinGlassIn the last 24 hours, 59,463 traders were liquidated, for a total of $148 million. The largest single liquidation occurred on OKX, involving the ETH-USD swap, worth $3.25 million.
As of this writing, CoinGlass data shows that the majority of potential short futures liquidations will take place at the $66,000 mark. Short liquidations occur when traders who have bet against a rising price of assets (short sellers) are forced to close their positions, typically causing further price increases.
Crypto stocks decline
Shares of Coinbase Global (COIN) fell about 6%, while crypto miners Riot Platforms Inc (RIOT) and Marathon Digital (MARA) fell 2%.
However, the US stock market as a whole continues to hit all-time highs. The Dow Jones Industrial Average rose 0.2%, along with similar gains of 0.2% each for the S&P 500 and Nasdaq Composite.