Bitcoin, Ethereum, Dogecoin Drop As Labor Market Remains Tight: Analyst Says Explosive King Crypto Rally Could Follow If SEC Approves Spot ETF
Portfolio Pulse from Mehab Qureshi
Major cryptocurrencies including Bitcoin, Ethereum, and Dogecoin experienced a drop following the release of the U.S. ADP private employment report. The report revealed an addition of 497,000 private-sector jobs in June, surpassing the consensus forecast of 220,000. This led to concerns about the state of the economy and the trajectory of interest rates, causing a decline in stocks. Analysts suggest that a rally in Bitcoin could follow if the SEC approves a spot-Bitcoin ETF in the US.
July 07, 2023 | 3:50 am
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Bitcoin's price dropped following the release of the U.S. ADP private employment report. However, analysts suggest a rally could follow if the SEC approves a spot-Bitcoin ETF in the US.
The drop in Bitcoin's price is directly linked to the release of the U.S. ADP private employment report. The potential for a rally if the SEC approves a spot-Bitcoin ETF suggests a high relevance and importance for investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Dogecoin's price dropped following the release of the U.S. ADP private employment report.
The drop in Dogecoin's price is directly linked to the release of the U.S. ADP private employment report, suggesting a high relevance and importance for investors.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Ethereum's price dropped following the release of the U.S. ADP private employment report.
The drop in Ethereum's price is directly linked to the release of the U.S. ADP private employment report, suggesting a high relevance and importance for investors.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80