Solana

Joe Biden

Ethena

Reserve

<p class="is-style-lead">It was a sea of red in the crypto industry on Friday after Bitcoin price dropped below the crucial support of $55,000. </p> 
<p>Most altcoins like Ethena (<a href="https://crypto.news/price/ethena/">ENA</a>), Solana (<a href="https://crypto.news/price/solana/">SOL</a>), and <a href="https://crypto.news/price/eos/">EOS</a> dropped by over 10% in the past 24 hours. The total market cap of all coins dropped from the year-to-date high of $2.7 trillion to $2 trillion.</p> 
<figure class="wp-block-image size-large">
 <picture loading="lazy" decoding="async" class="wp-image-14283282"> 
  <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/07/Ethena-1024x570.png.webp"> 
  <img loading="lazy" decoding="async" width="1024" height="570" src="https://crypto.news/app/uploads/2024/07/Ethena-1024x570.png" alt="US jobs data deals blow to Ethena, Solana, and EOS prices - 28"> 
 </picture> 
</figure> 
<p><em>Ethena vs Solana vs EOS prices</em></p> 
<h2 class="wp-block-heading" id="us-nonfarm-payrolls-nfp-data">US nonfarm payrolls (NFP) data</h2> 
<p>The falling crypto prices received another blow when the US published another solid nonfarm payroll (NFP) data. According to the Bureau of Labor Statistics (BLS), the economy added 206,000 jobs in June, higher than the expected increase of 191,000.&nbsp;</p> 
<p>The figure was also higher than the ADP report on Wednesday, which showed that the private sector added 150,000 jobs in July.&nbsp;</p> 
<p>The report also showed that wage growth remained steady in June as the average hourly earnings growth rose by 3.9% YoY). On the negative side, the unemployment rate rose from 4.0% in May to 4.1% in June.&nbsp;</p> 
<p>These numbers mean that the labor market is doing well since it has added over 1.57 million jobs this year.&nbsp;</p> 
<h2 class="wp-block-heading" id="implications-for-ethena-solana-and-eos-prices">Implications for Ethena, Solana, and EOS prices</h2> 
<p>These jobs numbers mean that the Federal Reserve will not be in a hurry to start cutting interest rates since inflation has mostly held steady this year. The most recent data showed that the headline Consumer Price Index (CPI) slowed to 3.3% in May while the Personal Consumption Expenditure (PCE) remained at 2.5%.&nbsp;</p> 
<p>In a statement this week, Jerome Powell, the Fed Chair, <a href="https://www.bloomberg.com/news/articles/2024-07-02/powell-welcomes-recent-data-but-fed-needs-more-confidence-to-cut" target="_blank" rel="">noted that</a> the bank wants more evidence that inflation was falling. Minutes released this week showed that the committee anticipates one rate cut this year, possibly in December.&nbsp;</p> 
<p>Therefore, the hawkish Federal Reserve will likely put more pressure on risk assets like Ethena, Solana, EOS, and <a href="https://crypto.news/price/bitcoin/">Bitcoin</a> prices.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Why is <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$BTC</a> dumping?<br><br>This is the result of combined many factors<br><br>Mt. Gox, ETFs, halving, Germany, and much more<br><br>I've prepared a full analysis of the current situation 🧵👇 <a href="https://t.co/9TPC4wPVA1" target="_blank" rel="">pic.twitter.com/9TPC4wPVA1</a></p>— Gargoyle (@degargoyle) <a href="https://twitter.com/degargoyle/status/1808954643457663215?ref_src=twsrc%5Etfw" target="_blank" rel="">July 4, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>This trend will happen at a time when these coins are battling other risks. Bitcoin has already dropped below the neckline of its <a href="https://crypto.news/bitcoin-price-nears-key-support-riot-mara-and-clsk-stocks-at-risk/">big double-top pattern</a> pointing to more downside.&nbsp;</p> 
<p><a href="https://crypto.news/germany-transfers-millions-in-bitcoin-to-various-wallets/" target="_blank" rel="noreferrer noopener">Germany has started liquidating its Bitcoin</a> holdings, which has led to an increase in <a href="https://www.coinglass.com/Balance" target="_blank" rel="">balances in exchanges</a>. Wallets associated with Mt.Gox have also started moving their coins.</p> 
<p>On top of this, the US political scene is changing, with the odds that Joe Biden will drop out rising. If he does, he will likely be replaced with a younger candidate with a higher chance of beating Donald Trump. Trump is seen as a better president for the crypto community.&nbsp;</p> 
<p>Therefore, with cryptocurrencies facing weak technicals and fundamentals, there is a possibility that they will continue falling in the near term.</p>

US jobs data deals blow to Ethena, Solana, and EOS prices

Table of Contents

crypto.news

Other articles published on Jul 5, 2024

Top Altcoin Airdrops July 2024

GOMINING Token to be Listed on HTX Crypto Exchange (5 Jul)

South Korea Delays Crypto Tax Implementation to 2025

Biggest Altcoin Gainers of the First Week of July 2024

Bitcoin dips below $55K as Mt. Gox moves 47,229 BTC

Physical Presence of Crypto Companies Compulsory in Nigeria: SEC

Join our free newsletter for daily crypto updates!