Bitcoin Falls Below $43,000 Following ADP Report; Blur, Manta Network Among Top Losers
Portfolio Pulse from Avi Kapoor
Bitcoin and Ethereum experienced losses, with Bitcoin falling below $43,000 and Ethereum below $2,300. The global crypto market cap declined by 2.3% to $1.63 trillion. The ADP report showed U.S. private businesses added fewer workers than expected in January. Pyth Network was the top gainer, while Blur and Manta Network were among the top losers in the crypto market.
January 31, 2024 | 2:32 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Bitcoin fell below the key $43,000 level, trading at $42,463, a 2.2% decrease, following the ADP report indicating slower job growth.
Bitcoin's price is sensitive to market sentiment, which can be influenced by economic indicators like the ADP jobs report. The report's indication of slower job growth may negatively impact investor confidence in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Ethereum also saw a decline, trading below the $2,300 mark with a 0.9% drop, potentially influenced by the broader market sentiment after the ADP report.
Ethereum's price often follows Bitcoin's trend and is affected by overall market sentiment. The less-than-expected job growth could lead to a short-term negative impact on Ethereum's price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80