Bitcoin, Ethereum, Dogecoin Drop As Mixed Signals Emerge From US Labor Market — Analyst Warns Of 'Bad,' 'Explosive' Developments For King Crypto
Portfolio Pulse from Mehab Qureshi
Major cryptocurrencies including Bitcoin, Ethereum, and Dogecoin traded in the red amid mixed signals from the U.S. labor market. The June nonfarm payrolls (NFPs) fell short of economists’ expectations, suggesting a weakening of employment momentum. JPMorgan's report highlighted a potential drawback for the crypto markets, suggesting that a spot Bitcoin ETF may not have the transformative effect many anticipate. Meanwhile, US Stock futures showed slight gains in anticipation of upcoming inflation data and the start of the second-quarter earnings season.
July 10, 2023 | 2:23 am
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NEGATIVE IMPACT
Bitcoin traded in the red amid mixed signals from the U.S. labor market and a report from JPMorgan suggesting a limited impact of a Bitcoin ETF.
The negative trading of Bitcoin is directly linked to the mixed signals from the U.S. labor market and the JPMorgan report. The report suggests that a Bitcoin ETF may not have the transformative effect many anticipate, which could negatively impact Bitcoin's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Dogecoin traded in the red amid mixed signals from the U.S. labor market.
The negative trading of Dogecoin is directly linked to the mixed signals from the U.S. labor market. The weaker than expected labor market data could negatively impact Dogecoin's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Ethereum traded in the red amid mixed signals from the U.S. labor market.
The negative trading of Ethereum is directly linked to the mixed signals from the U.S. labor market. The weaker than expected labor market data could negatively impact Ethereum's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80