Crypto Prices Fall as Weak US Jobs Data Does Not Lift Markets
A weaker-than-expected update from the U.S. job market, which led to a decline in bond yields and a reduction in Fed rate hike expectations, did not succeed in pushing cryptocurrencies into positive territory overnight. Anxiety ahead of the monthly payrolls data due on Friday dampened sentiment. Overall cryptocurrency market capitalisation has declined by over 1 percent in the past 24 hours, with Bitcoin trading 1.2 percent lower than the previous day’s levels. Data released on Wednesday morning indicated that private businesses in the U.S. added 38 thousand jobs in August, compared to an upwardly revised 46 thousand in July. The lowest level since January registered below the anticipated figure of 47 thousand. Sovereign bond yields in the U.S. experienced a decline across various maturities on Wednesday morning. Long-dated thirty-year bonds experienced a decline of 0.08 percent, whereas ten-year bonds saw a slight easing of 0.10 percent. Yields on the shorter end of the curve also declined. Five-year bond yields decreased by 0.11 percent, while two-year bond yields fell by 0.14 percent.
The CME FedWatch tool indicates a 66.2 percent probability of a quarter-percentage rate hike on September 16, a decrease from 67.2 percent the previous day, following disappointing labour market data. Overall crypto market capitalisation has decreased by 1.14 percent overnight, now standing at $2.6 trillion. The decline in total cryptocurrency market capitalisation coincided with a 2-percent rise in trading volumes. In the last 24 hours, the liquidation of long positions in the cryptocurrency market has notably surpassed that of short positions. Liquidation of long positions reached $280 million, compared to $102 million the previous day. Liquidation of short positions totalled $72 million, a decrease from $91 million the previous day. The total liquidations over the past 24 hours amounted to $352 million, compared to $193 million the previous day. At current prices, Bitcoin holds a dominance of 59.49 percent in the cryptocurrency market. Ethereum constitutes 11.26 percent of the market, whereas other cryptocurrencies, including stablecoins, represent 29.25 percent of the total cryptocurrency market.
Bitcoin, the largest cryptocurrency, is currently trading 1.2 percent lower on an overnight basis at $77,100.03. The leading cryptocurrency has experienced a decline of 1.7 percent over the past week. Bitcoin fluctuated within a range of $78,392 to $76,248 over the preceding 24-hour period. On Tuesday, Bitcoin Spot ETF products in the U.S. experienced net outflows amounting to $237 million, contrasting with net inflows of $217 million recorded on Monday. iShares Bitcoin Trust ETF topped with net outflows of $201 million. Bitcoin remains in the 12th position in the global ranking of all assets according to market capitalisation data. The leading cryptocurrency finds itself situated between Saudi Aramco, ranked 11th, and Meta Platforms, ranked 13th. Ethereum is trading 1.7 percent lower at $2,401.53. The leading alternate coin has experienced a decline of 2.24 percent over the past week. Ethereum Spot ETF products in the U.S. experienced a notable decrease in net inflows, dropping to $9 million on Tuesday, down from $88 million on Monday and $102 million on Friday.
iShares staked Ethereum Trust ETF recorded net inflows amounting to $11 million. Ethereum has ascended to the 63rd position in the global ranking of all assets according to market capitalisation data. The 4th ranked BNB experienced a modest increase of 0.05 percent overnight, bringing its price to $686.92. 5th ranked XRP, a payments-focused cryptocurrency, dropped 2.6 percent overnight and is currently trading at $1.33. Weekly losses have exceeded 3.8 percent. The price of 7th ranked Solana decreased 2.9 percent overnight to $99.04. On Tuesday, U.S.-listed Solana Spot ETF products experienced net inflows amounting to $9 million. TRON, positioned 8th overall, is presently trading 0.45 percent lower at $0.3246. 9th ranked Hyperliquid is trading 2.8 percent lower on an overnight basis, at $81.33. On Tuesday, Hyperliquid Spot ETF products listed in the U.S. experienced net inflows amounting to $2 million. Zcash, currently ranked 10th overall, experienced a decline of 5.1 percent overnight, trading at $809.72.
