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Bitcoin Declines After U.S. Jobs Report, Volatility Persists as Market Awaits Fed's Next Move
Summary: Bitcoin Declines After U.S. Jobs Report, Volatility Persists as Market Awaits Fed's Next Move Bitcoin's price experienced significant volatility following the release of August's U.S. non-farm payroll data, with a 5% decline to approximately $53,900 in the last 24 hours. Ether also fell by 9% during the same period. According to data from CoinGecko, Bitcoin's ...
Bitcoin Declines After U.S. Jobs Report, Volatility Persists as Market Awaits Fed's Next Move
Bitcoin's price experienced significant volatility following the release of August's U.S. non-farm payroll data, with a 5% decline to approximately $53,900 in the last 24 hours. Ether also fell by 9% during the same period. According to data from CoinGecko, Bitcoin's volatility over the past week is around 4%, reflecting the market's growing uncertainty ahead of the Federal Reserve's rate decision on Sept. 18.
The report revealed an increase of 165,000 non-farm payrolls, aligning with expectations, and an unemployment rate of 4.2%. Despite the ADP payroll data indicating weak growth, the official jobs report did not provide the anticipated boost to sentiment. BRN analyst Valentin Fournier highlighted that $900 million has exited Bitcoin ETFs over the last week, further contributing to market volatility.
While sentiment remains cautious, analysts suggest the current volatility could create opportunities for trend reversals, especially as traders position themselves ahead of the Fed's potential rate cut decision. Bitcoin’s market dominance stands at 53.8%, while the global crypto market cap is valued at $1.98 trillion.
Tags: ADP,Bitcoin,unemployment rate
Link: Bitcoin Declines After U.S. Jobs Report, Volatility Persists as Market Awaits Fed's Next Move [Copy]
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