Leading cryptocurrencies slid Thursday as lower-than-expected private sector job growth heightened concerns around the economy and dampened risk appetite.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:15 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | -3.10% | $56,201.04 |
| Ethereum (CRYPTO: ETH) |
-3.14% | $2,376.07 |
| Dogecoin (CRYPTO: DOGE) | +0.22% | $0.09837 |
What Happened: Bitcoin went downhill over the past 24 hours, tumbling to an intraday low of $55,870. The leading cryptocurrency clawed back to $56,500 by late afternoon and remained rangebound.
Ethereum’s choppy action also continued, as the world’s second-largest cryptocurrency dipped below $2,400 after breaching the level a day before.
The total cryptocurrency liquidations exceeded $95 million in the last 24 hours, with about $72 million in bullish leveraged bets getting wiped out.
Bitcoin’s Open Interest fell 2.24% in the past 24 hours, aligning with the spot price decline.
The market slipped into “Extreme Fear” for the first time in nearly a month, according to the popular Cryptocurrency Fear & Greed Index, implying that investors were anxious.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:15 p.m. EDT) |
| Helium (HNT) | +6.62% | $8.34 |
| DOGS (DOGS) | +5.20% | $0.001073 |
| Toncoin (TON) | +4.82% | $4.82 |
The global cryptocurrency market fell below $2 trillion, following a contraction of 2.90% in the last 24 hours.
The S&P 500 recorded its third straight day of losses. The broad-based index slipped 16.66 points, or 0.30%, to end at 5,503.41. The Dow Jones Industrial Average fell 0.54% to close at 40,755.75. The tech-heavy Nasdaq Composite recovered from Wednesday’s decline to close 0.25% higher at 17,127.66.
Investors weighed the weak private sector job growth in August, which fell far short of expectations.
U.S. private employers added 99,000 jobs in August, a decline from the downwardly revised 111,000 in July, and falling short of the anticipated 140,000.
Market participants were now geared up for the all-important jobs report by the Bureau of Labor Statistics, slated for Friday, to better understand the economy’s health.
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Analyst Notes: Legendary trader Peter Brandt observed an “inverted expanding triangle” on Bitcoin’s price chart, indicating that selling pressure was stronger than buying.
“A massive thrust into new ATHs is required to get this bull market back on track,” Brandt stated.
Widely followed cryptocurrency analyst Michaël van de Poppe noted a reversing altcoin market and expected a bull run of 2-3x over the next few months against Bitcoin’s value.
Photo by Avi Rozen on Shutterstock
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