WASHINGTON (dpa-AFX) - Weak sentiment continues in crypto markets ahead of the monthly payrolls data from the U.S. on Friday morning. The update from the labor market is considered a key determinant of the Federal Reserve's monetary policy stance and actions as maximum employment and stable prices are the twin mandates for the Fed.
The U.S. Bureau of Labor Statistics is expected to reveal on Friday an addition of 160 thousand to non-farm payrolls in the month of December, a decline from the 227 thousand recorded in the previous month. The unemployment rate is expected to remain steady at 4.2 percent. The average hourly earnings on a month-on-month basis are expected to edge down to 0.3 percent from 0.4 percent in the previous month. On a year-on-year basis, the average hourly earnings are seen steady at 4 percent.
Wednesday's data release had shown initial jobless claims in the U.S. unexpectedly decreasing to 201 thousand during the week ended January 4 from 211 thousand in the previous week. Concerns about the strength of the labor market ebbed after the lowest reading in eleven months came sharply below market expectations of an increase in claims to 218 thousand.
Anxiety surrounding the potential sales of 69,370 Bitcoins worth more than $6 billion, seized by the U.S. Government from the Silk Road marketplace also weighed on market sentiment. A U.S. court recently vacated the motion for a stay of enforcement of the earlier judgment, further clearing the way for the sale. Markets are keenly watching further developments as President-elect Donald Trump is not inclined to sell the government's holding of Bitcoin.
Overall crypto market capitalization is currently at $3.29 trillion, recording an overnight decline of 0.30 percent.
Bitcoin has edged up 0.13 percent overnight to trade at $94,246.49, around 13 percent below the all-time high. BTC has shed 2.3 percent in the past week and 3.4 percent over the past 30 days. The leading cryptocurrency traded between $94,641.23 and $91,220.84 in the past 24 hours.
Ethereum has slipped 1.1 percent in the past 24 hours to trade at $3,282.44, around 33 percent below the previous peak recorded in November 2021. Weekly losses are close to 4.5 percent. Ether traded between $3,332.77 and $3,159.38 in the past 24 hours.
4th ranked XRP (XRP) declined 1.3 percent overnight to trade at $2.30, around 40 percent below the all-time high touched in January 2018. The cryptocurrency's weekly losses are close to 5 percent.
5th ranked BNB (BNB) declined half a percent overnight and 1.2 percent in the past week at its current trading price of $693.68. BNB is currently trading 13 percent below the all-time high touched on December 4, 2024.
The price of 6th ranked Solana (SOL) decreased 0.70 percent overnight. With weekly losses of 7.7 percent, SOL is currently trading at $191.50, around 27 percent below its record high on November 23, 2024.
7th ranked Dogecoin (DOGE) dropped 1.2 percent overnight to trade at $0.333. Having lost 1.3 percent in the past week, DOGE is trading 55 percent below the previous peak scaled in May 2021.
9th ranked Cardano (ADA) rallied 2.3 percent overnight to trade at $0.9498. ADA is currently trading 69 percent below the record high touched in September 2021.
10th ranked TRON (TRX) erased 1.7 percent overnight to trade at $ 0.242. TRX has lost 7.8 percent in the past week. The trading price is 45 percent below the cryptocurrency's all-time high recorded on December 4, 2024.
64th ranked ai16z (AI16Z), an AI Meme cryptocurrency topped overnight gains with a surge of 11 percent. 12th ranked Sui (SUI) followed with gains of 7.6 percent. 79th ranked Kaia (KAIA) also added more than 6 percent in the past 24 hours.
90th ranked THORChain (RUNE) topped overnight losses with a decline of 15.9 percent. 89th ranked SPX6900 (SPX) followed with losses of 8.9 percent.
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