• bitcoinBitcoin(BTC)$23,160.00-0.31%
  • ethereumEthereum(ETH)$1,710.99-0.11%
  • tetherTether(USDT)$0.999-0.18%
  • usd-coinUSD Coin(USDC)$1.00-0.03%
  • binancecoinBNB(BNB)$317.900.510%
  • rippleXRP(XRP)$0.3760.040%
  • binance-usdBinance USD(BUSD)$1.00-0.04%
  • cardanoCardano(ADA)$0.5210.500%
  • solanaSolana(SOL)$40.570.560%
  • polkadotPolkadot(DOT)$8.61-1.00%
  • News
    • Press Releases
  • Markets
  • Articles
    • Opinion
    • Guest Posts
  • Policy
  • Videos
  • Podcasts
  • Learning
    • DeFi Basics
    • Blockchain Bitesize
  • Research
    • Case Studies
  • Explore
    • NFTs
    • DAOs
    • Crypto Gaming
    • Crypto Metaverses
  • Markets Pro
    • DeFi Planet Pro
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
No Result
View All Result
DeFi Planet (Home of Blockchain, Crypto & DeFi)
  • News
    • Press Releases
  • Markets
  • Articles
    • Opinion
    • Guest Posts
  • Policy
  • Videos
  • Podcasts
  • Learning
    • DeFi Basics
    • Blockchain Bitesize
  • Research
    • Case Studies
  • Explore
    • NFTs
    • DAOs
    • Crypto Gaming
    • Crypto Metaverses
  • Markets Pro
    • DeFi Planet Pro
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
No Result
View All Result
DeFi Planet (Home of Blockchain, Crypto & DeFi)
No Result
View All Result
Home Markets

Crypto Markets Drop Ahead of Friday’s Nonfarm Payrolls Report

5 August 2022
Reading Time: 3 mins read
106 2
Crypto Markets Drop Ahead of Friday's Nonfarm Payrolls Report

Bitcoin prices fell on Thursday ahead of Friday’s monthly nonfarm payrolls (NFP) report. The labour market in the United States has recently begun to show signs of slowing down. Ethereum also fell in anticipation of the NFP data, which is expected to show a 250,000 job increase. 

Bitcoin

Bitcoin (BTC) was back in the red on Thursday after yesterday’s price recovery as investors got ready for tomorrow’s nonfarm payrolls report.

After a price recovery on Wednesday, Bitcoin (BTC) was back in the red on Thursday as investors prepared for Friday’s nonfarm payrolls report. 

The data set to be released on Friday is expected to reveal that the U.S. economy added 250,000 jobs in July, down from 372,000 in June. 

Because of the risk-off stance taken by cryptocurrency traders today, the leading token fell to a low of $22,790.66. The move brings bitcoin back up to its $22,600 price floor, which, if broken, will make the BTC/USD bears push the coin toward $20,000. 

Ethereum

Ethereum, like Bitcoin, also experienced a price reversal as bears pushed the token below a previous support level. Yesterday’s session saw ETH/USD drop below its $1,620 support level as negative pressure pushed the coin to an intraday low of $1,611.62. 

This low came after ETH’s price recovery on Wednesday when it hit a high of $1,678.10. At the time of writing, ETH/USD is currently trading at $1,657.28, and, like BTC, Ethereum is once again trading above its floor. 

At the time, the 10-day moving average was still pointing upward, indicating that the short-term momentum had not completely shifted into bear territory. This may soon change, as volatility will likely influence price movement until after Friday’s news.

 

Disclaimer: This piece is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.

 

If you would like to read more market analysis articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.

“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”

Share63Tweet39Share11
Damola Ojedokun

Damola Ojedokun

Related Posts

Can Bitcoin Reach $30,000 By the End of August? Here’s What Some Experts Think
Markets

Can Bitcoin Reach $30,000 By the End of August? Here’s What Some Experts Think

28 July 2022

After a tough week for the cryptocurrency market, during which Bitcoin (BTC) fell below the $21,000 mark due to worries about an impending interest-rate hike by the Federal Reserve, the leading token is back above that threshold, prompting investors...

Cryptocurrency Prices Drop Ahead of Upcoming Fed Meeting
Markets

Cryptocurrency Prices Drop Ahead of Upcoming Fed Meeting

26 July 2022

The prices of Bitcoin, Ethereum, and other popular cryptocurrencies fell on Monday due to expectations that the Federal Reserve would raise its key interest rate by 0.75%, the largest increase in three decades.  At the time of writing, Bitcoin...

Bitcoin-Suffers-Its-Worst-Month-Ever.jpeg
Markets

Bitcoin Suffers Its Worst Month Ever

6 July 2022

The worst month for Bitcoin's value since it started trading on exchanges in 2010 was June 2022, when it dropped by 38%. Ethereum, the second-largest cryptocurrency in the world by market capitalization, ended June down 45%.  The crypto market...

Crypto Market Overview: Dogecoin Receives Yet Another Significant Nudge as the Crypto Market Struggles to Gain Traction
Markets

Crypto Market Overview: Dogecoin Receives Yet Another Significant Nudge as the Crypto Market Struggles to Gain Traction

4 July 2022

The crypto market fell once again this week as a result of investors' anxiety and the markets' increased susceptibility to breaking news. Ethereum (ETH) is down 4.77%... Source: BraveNewCoin …while Bitcoin (BTC) is down 7.98%. Source: BraveNewCoin One of...

News Update

Crypto Markets Drop Ahead of Friday’s Nonfarm Payrolls Report

2 days ago

Coinbase Shares Soar Due to Boost from Meme Traders and BlackRock Cryptocurrency Deal

2 days ago

Creator of El Salvador’s Banking Platform Plans To Launch Its Bitcoin-Backed Synthetic Dollar

3 days ago

Hackers Return $16.6M in Assets to Nomad Bridge Days After $200M Heist

3 days ago

Solana Engineers Investigate The Draining Of 8,000 Solana Wallets

3 days ago

Oxford City Football Club Now Accepting BTC As Payment For Match Day Tickets

4 days ago

Spotlight

All about SolChicks

All about Algorand

All about Bitcoin

All about Goracle

Press Releases

Vybe Teams with Algofund to Launch a Farming Pool for the Vybe Utility Token

Vybe Teams with Algofund to Launch a Farming Pool for the Vybe Utility Token

byGuest Author
19 July 2022
0

...

Metrika Provides End-to-End Monitoring and Operational Intelligence for the Algorand Blockchain

Metrika Provides End-to-End Monitoring and Operational Intelligence for the Algorand Blockchain

byGuest Author
12 July 2022
0

...

Equito Finance – Working For the Ethereum Community

Equito Finance – Working For the Ethereum Community

byGuest Author
17 June 2022
0

...

Equito Finance DEX Launches on Testnet

Equito Finance DEX Launches on Testnet

byGuest Author
17 June 2022
0

...

SolChicks Enters Into A Partnership With Third World Meta

SolChicks Enters Into A Partnership With Third World Meta

byRose Nnamdi
7 July 2022
0

...

Load More
  • About Us
  • The Team
  • Careers
  • Contact
  • Advertise

© Copyright 2022 DeFi Planet   |   Terms & Conditions   |   Privacy Policy

No Result
View All Result
  • News
    • Press Releases
  • Markets
  • Articles
    • Opinion
    • Guest Posts
  • Policy
  • Videos
  • Podcasts
  • Learning
    • DeFi Basics
    • Blockchain Bitesize
  • Research
    • Case Studies
  • Explore
    • NFTs
    • DAOs
    • Crypto Gaming
    • Crypto Metaverses
  • Markets Pro
    • DeFi Planet Pro
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Posting....
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00

Subscribe to our FREE weekly newsletter below and never miss the latest news and exclusive articles.

Invalid email address
We promise not to spam you. You can unsubscribe at any time.
Thanks for subscribing!