Bitcoin Falls Below $64,000 Following GDP, Jobless Claims Data; Nervos Network Becomes Top Loser
Portfolio Pulse from Avi Kapoor
Bitcoin and Ethereum experienced losses, with Bitcoin falling below the $64,000 mark and Ethereum trading below $3,200. The global crypto market cap declined by 4.3% to $2.36 trillion. U.S. economic data showed a decrease in jobless claims and a slowdown in GDP growth. Theta Fuel was the top gainer, while Nervos Network was the biggest loser among cryptocurrencies.
April 25, 2024 | 1:35 pm
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NEGATIVE IMPACT
Bitcoin fell below the $64,000 level, trading lower by 3.9% at $63,990, influenced by U.S. economic data and a general decline in the crypto market.
The decline in Bitcoin's price is directly related to the broader crypto market downturn and the release of U.S. economic data, indicating a potential short-term negative impact.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
Nervos Network emerged as the biggest loser, with its price dropping by 15.6% to $0.01774, reflecting significant market volatility.
The substantial price drop of Nervos Network highlights its volatility and the impact of the broader market decline, indicating a negative short-term trend.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 80
NEGATIVE IMPACT
Ethereum also saw a decrease, trading below the $3,200 mark with a 4.7% loss to $3,127, amid the overall crypto market decline.
Ethereum's price drop is part of the broader market downturn, influenced by the same economic data affecting Bitcoin, suggesting a negative short-term outlook.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90