Cryptocurrency Market Faces Decline Amid Weak Job Growth; Bitcoin and Ethereum Drop Over 3%

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Market Update:

Leading cryptocurrencies saw declines as a disappointing private sector job report raised concerns about the economy. This affected investor confidence.

Cryptocurrency Performance (as of 9:15 p.m. EDT):

Bitcoin (BTC/USD): -3.10% at $56,201.04
Ethereum (ETH/USD): -3.14% at $2,376.07
Dogecoin (DOGE/USD): +0.22% at $0.09837

In the last 24 hours, Bitcoin dropped to an intraday low of $55,870 but managed to recover to around $56,500. Ethereum also faced some volatility, dipping below $2,400 after briefly surpassing that level.

Total liquidations in the cryptocurrency market exceeded $95 million, with about $72 million in bullish positions wiped out. Bitcoin's Open Interest fell by 2.24%, aligning with the drop in spot prices. The market entered an "Extreme Fear" phase for the first time in nearly a month, indicating investor anxiety.

Top Gainers (24-Hours):

Helium (HNT): +6.62% at $8.34
DOGS (DOGS): +5.20% at $0.001073
Toncoin (TON): +4.82% at $4.82

The global cryptocurrency market capitalization fell below $2 trillion, reflecting a 2.90% contraction over the past 24 hours.

The S&P 500 recorded its third consecutive day of losses, dropping 16.66 points, or 0.30%, to close at 5,503.41. The Dow Jones Industrial Average also fell by 0.54%, closing at 40,755.75. However, the Nasdaq Composite rebounded from Wednesday’s decline, closing 0.25% higher at 17,127.66.

Investors focused on the weak private sector job growth in August. The report showed that U.S. private employers added only 99,000 jobs, down from the revised 111,000 in July and below the expected 140,000.

Market participants are now looking forward to the critical jobs report from the Bureau of Labor Statistics, set to be released on Friday. This report will provide further insights into the economy's health.

Analyst Insights:

Notable trader Peter Brandt pointed out an "inverted expanding triangle" on Bitcoin's price chart. This suggests that selling pressure is outpacing buying.

"A significant thrust into new all-time highs is necessary to get this bull market back on track," Brandt stated.

Renowned cryptocurrency analyst Michaël van de Poppe highlighted a reversing altcoin market, predicting a potential bull run of 2-3 times over the next few months against Bitcoin's value.

In Other News:

Trump reiterated his plans to make the U.S. the world capital of crypto, stating, "Instead of attacking industries of the future, we’ll embrace them."

Stay informed with updates and insights from Benzinga APIs. Comments are welcome in the areas of Cryptocurrency News, Markets, Movers, and Trading Ideas. Trade confidently with insights and alerts that matter to you.