Ethereum Falls Below $3,000 Following Jobless Claims Data; Pendle Becomes Top Loser
Portfolio Pulse from Avi Kapoor
Ethereum and Bitcoin experienced declines, with Ethereum falling below the $3,000 mark and Bitcoin dropping below $61,000. This movement coincided with an increase in U.S. jobless claims to 231,000, surpassing market expectations. The global crypto market cap also saw a decrease of 1.4%. Akash Network emerged as the top gainer, while Pendle was the biggest loser among cryptocurrencies over the last 24 hours.
May 09, 2024 | 1:33 pm
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NEGATIVE IMPACT
Bitcoin's price fell below the $61,000 level amid broader market declines and rising U.S. jobless claims.
Bitcoin's decline below a critical support level, in the context of unfavorable jobless claims data, suggests potential short-term selling pressure.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Ethereum fell below the $3,000 mark, a significant psychological level for investors, following an increase in U.S. jobless claims.
The drop below a key price level, coupled with negative macroeconomic data, could lead to short-term bearish sentiment among investors.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Pendle emerged as the biggest loser in the crypto market, indicating a significant downturn in investor sentiment towards this asset.
As the biggest loser in the recent market downturn, Pendle's significant drop highlights its vulnerability to market fluctuations and investor sentiment shifts.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80