Bitcoin Drops Following Economic Reports; Synthetix Becomes Top Loser
Portfolio Pulse from Lisa Levin
Bitcoin and Ethereum prices dropped, with BTC trading below $27,000 and ETH above $1,800. US initial jobless claims increased to 229,000, while US GDP grew by 1.3% in Q1. Synthetix (CRYPTO: SNX) was the biggest loser, while Render Token (CRYPTO: RNDR) was the top gainer.
May 25, 2023 | 1:44 pm
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NEGATIVE IMPACT
Bitcoin price dropped below the key $27,000 level, trading lower by 1% at $26,423.
The drop in Bitcoin price is likely due to the increase in US initial jobless claims and the higher-than-expected US GDP growth. These factors may have led to a shift in investor sentiment, causing the price to drop.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Ethereum price fell by around 0.7% to $1,804, but remained above the key $1,800 mark.
The decline in Ethereum price is likely influenced by the same factors affecting Bitcoin, such as the increase in US initial jobless claims and the higher-than-expected US GDP growth. These factors may have led to a shift in investor sentiment, causing the price to drop.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Synthetix (CRYPTO: SNX) was the biggest loser, with its price dropping by 8.8% to $2.32.
The drop in Synthetix price is likely due to the overall decline in the cryptocurrency market, as evidenced by the drop in Bitcoin and Ethereum prices. The increase in US initial jobless claims and the higher-than-expected US GDP growth may have also contributed to the decline.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
Render Token (CRYPTO: RNDR) was the top gainer, with its price increasing by 15.8% to $2.89.
The increase in Render Token price is likely due to factors specific to the token, as it outperformed the overall cryptocurrency market, which experienced declines in Bitcoin and Ethereum prices. The token's strong performance may have attracted investor interest, leading to the price increase.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100