Bitcoin, Ethereum, Dogecoin Drop Ahead Of Key Jobs Report: Litecoin Emerges As Real Winner Of The Day, Analyst Says The Silver To King Crypto 'Looks Bueno'


Published Jun 02, 2023 03:14

Updated Jun 02, 2023 04:40

Bitcoin, Ethereum, Dogecoin Drop Ahead Of Key Jobs Report: Litecoin Emerges As Real Winner Of The Day, Analyst Says The Silver To King Crypto 'Looks Bueno'

Benzinga - Bitcoin, Ethereum, and Dogecoin were seen trading lower on Thursday evening as the global cryptocurrency market cap fell 0.8% to $1.1 trillion at the time of publishing.

Cryptocurrency Gains +/- Price (Recorded 9:02 p.m. EDT)
Bitcoin (CRYPTO: BTC) -1.14% $26,766.06
Ethereum (CRYPTO: ETH) -0.53% $1,863.33
Dogecoin (CRYPTO: DOGE) -0.13% $0.07

What Happened: Major cryptocurrencies remained in the red at the beginning of the new trading month. Investor attention was focused on the Friday jobs report. The Bureau of Labor Statistics' data points will influence the Federal Reserve's monetary policy decisions.

Cryptocurrency Gains +/- Price (Recorded 9:02 p.m. EDT)
Litecoin (LTC) +4.16% $94.48
The Sandbox (SAND) +3.76% $0.55
Woo Network (WOO) +2.93% $0.23

Economists expect a decline in Non-Farm Payrolls from 253,000 in April to 190,000 in May, according to a market consensus.

The movement in major coins was in contrast to stocks, which rallied on Thursday. The S&P 500 and NASDAQ closed 1% and 1.3% respectively. At the time of writing, U.S. stock futures were noted in green.

Analyst Notes: Edward Moya, a senior market analyst with OANDA said that Bitcoin remains heavy and didn't get support from the case for the Federal Reserve skipping rate hikes.

"Bitcoin is still in the danger zone as it fights to hold the lower boundaries of its boring trading range. The $26,000 level remains key support and could hold as long as a regulatory hammer doesn't get thrown its way."

Analyst Takes: Cryptocurrency trader Michaël van de Poppe said Litecoin "looks bueno" on Thursday. Notably, the cryptocurrency was the best performer over a 24-hour period, according to CoinMarketCap data.

Read Next: Elizabeth Warren Brings Up Crypto Use In Fentanyl Trade, Says Enough To ‘Kill 9 Billion People’

© 2023 Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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