Bitcoin falls below $56,500 ahead of key US jobs report
Bitcoin and Ethereum declined on Friday as investors awaited a crucial US jobs report that could influence the Federal Reserve’s decision on interest rate cuts.
As of 12:38 pm IST, Bitcoin was down 1% at $56,413, while Ethereum fell 1.2% to $2,377. Other cryptocurrencies also experienced losses: Solana was down 1.7%, XRP by 1.6%, Chainlink by 2%, Polkadot by 0.3%, Litecoin by 1.7%, and NEAR Protocol led with a 3.6% drop.
The U.S. non-farm payrolls report, due after Indian markets close, is highly anticipated as it could impact the Federal Reserve's stance on interest rates. Analysts expect a rise of 1,65,000 in new jobs and a decrease in the unemployment rate to 4.2%.
However, recent data showing weaker job openings and fewer private sector gains has increased the probability of a 50-basis-point cut from the Fed to 42% this month.
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View Details»«The upcoming US payroll data is critical for shaping the Federal Reserve's decision on interest rate cuts. The market's current volatility reflects the uncertainty surrounding this report,» said Avinash
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