Ethereum Falls Below $3,300 Following Jobs Data; Ethena, Wormhole Among Top Losers
Portfolio Pulse from Avi Kapoor
Ethereum fell below $3,300 and the global crypto market cap dropped to $2.47 trillion following U.S. jobs data showing a significant increase in nonfarm payrolls. Bitcoin remained above $66,000 despite a slight decline. Pendle was the top gainer, while Ethena and Wormhole were among the top losers in the crypto market.
April 05, 2024 | 1:36 pm
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NEGATIVE IMPACT
Bitcoin saw a minor decline of 0.6% to $66,270, maintaining its position above the $66,000 level despite the overall market downturn.
Bitcoin's minor decline amidst a broader market downturn suggests a relatively stable position, though it was not immune to the negative market sentiment.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Ethereum fell below the key $3,300 mark, recording a 3.4% loss to $3,235 following positive U.S. jobs data.
The positive U.S. jobs data likely contributed to a risk-off sentiment in the crypto market, leading to a decrease in Ethereum's price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90