Markets
Bitcoin, Ethereum and Dogecoin increase as job market indicator weakens: analyst says he will distribute money for retweets if King Crypto does not reach US$95 thousand by that time
Top cryptocurrencies rose as a weaker private sector jobs report increased investor appetite for risk.
| Cryptocurrency | Earnings +/- | Price (recorded at 8:35 pm EDT) |
| Bitcoin (CRYPTO: Bitcoin) | +0.74% | US$71,157.21 |
| Ethereum (CRYPTO: ETH) | +1.22% | US$3,863.76 |
| Dogecoin (CRYPTO: DOGE) | +1.08% | $0.1631 |
What happened: Bitcoin It broke $71,000 for the first time in over two weeks, sailing as high as $71,670 before facing resistance. The second largest cryptocurrency in the world, Ethereumalso rose, surpassing the US$3,850 mark.
The rally triggered liquidations worth $111.72 million in the last 24 hours, with more than 39,000 traders receiving “rekt”.
Open interest on Bitcoin futures rose 1.38% to $37.61 billion in the last 24 hours, bringing the week’s total gains to more than 12%. This was a sign that investors were betting on more volatility around King Crypto.
Interestingly, the number of traders who took bearish short positions on Bitcoin increased compared to those who placed bullish bets, indicating that the market expected a correction.
Biggest earner (24 hours)
| Cryptocurrency | Earnings +/- | Price (recorded at 8:30 p.m. EDT) |
| Stacks (STX) | +12.22% | $2.42 |
| Cloak (MNT) | +7.18% | $1.04 |
| Kronos (CRO) | +6.36% | $0.1191 |
The global cryptocurrency market capitalization increased by 0.44% to $2.64 trillion in the last 24 hours.
Shares rose sharply on Wednesday. O S&P 500 jumped 62.69 points, or +1.18%, to close at a record high of 5,354.03. Focused on technology Nasdaq Composite rose 1.96% to reach a new record high of 17,187.90 as well. O Dow Jones Industrial Average added 0.25% to end at 38,807.33.
The increase was driven in part by a 5% jump in shares of the AI chip giant NVIDIA Corp. (NASDAQ:NVDA), which exceeded Apple Inc. (NASDAQ:AAPL) to become the second most valuable company in the US.
Furthermore, weaker private wages data for May boosted optimism regarding the Fed’s rate cuts, adding further momentum to the recovery.
Investors will be watching Friday’s key nonfarm payrolls report for further signs of a weakening labor market, a catalyst for a more dovish approach by the Fed.
View more: Best Cryptocurrency Scanners
Analyst Notes: A widely followed cryptocurrency trader on X using the pseudonym ionicXBTmade a bold prediction for Bitcoin.
“If BTC DOES NOT reach $95K by August 31, 2024, I will give everyone who RETWEETS this tweet £50,” said the trader.
They highlighted their previous predictions in the last bull cycle of 2021 to add more credibility to their claims.
A short-term prediction by a popular cryptocurrency analyst Michael van de Poppe projected a new all-time high for King Crypto. Van de Poppe also took a bullish stance on the altcoin market, expecting them to “start the engine.”
Read next: BlackRock’s Bitcoin ETF rises 50% since launch: indicators point to continuation of BTC’s bull run
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