Ethereum Edges Lower Following Jobless Claims Data; Synthetix, Compound Among Top Losers
Portfolio Pulse from Lisa Levin
Cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) edged lower, trading below $26,000 and $1,700 respectively. This follows the decline in U.S. initial jobless claims by 13,000 to 216,000. Astar (ASTR) was the top gainer over the past 24 hours, while Synthetix (SNX) and Compound (COMP) were among the biggest losers. The global crypto market cap fell to $1.04 trillion, a 24-hour decline of 0.1%.
September 07, 2023 | 1:32 pm
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NEGATIVE IMPACT
Bitcoin traded lower, below the $26,000 mark.
The decline in Bitcoin's price is likely due to the decrease in U.S. jobless claims, which could indicate a strengthening economy and less demand for alternative assets like cryptocurrencies.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Compound was among the biggest losers, with a 24-hour drop of 2.7%.
The decline in Compound's price is likely due to the overall downward trend in the cryptocurrency market.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
Ethereum traded lower, below the $1,700 mark.
The decline in Ethereum's price is likely due to the decrease in U.S. jobless claims, which could indicate a strengthening economy and less demand for alternative assets like cryptocurrencies.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Synthetix was among the biggest losers, with a 24-hour drop of 6.5%.
The decline in Synthetix's price is likely due to the overall downward trend in the cryptocurrency market.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100