Crypto price correction continues despite equity indices gaining on robust US non-farm payrolls data
Price corrections continued in the crypto market, despite equity indices testing new highs following the release of U.S. non-farm payrolls data.
The CoinDesk 20 Index dropped by 5.7% today, with every asset posting losses and LTC and ATOM leading the declines.
The 3AC wallet bought “Neon Village” from the “Ninja Village” NFT collection, according to marketplace SuperRare.
Reduced institutional trading during summer vacations has led to lower liquidity in the bitcoin market, according to Bitfinex analysts.
Before this morning’s jobs report, market participants put nearly 70% probability of lower rates in September, according to the CME FedWatch Tool.
The latest price moves in bitcoin (BTC) and crypto markets in context for July 5, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Bitcoin mining difficulty also dropped 5% on Friday as the network’s hashrate continues to fall post-halving.
“The German government still has over $2.3 billion worth of bitcoin, Mt. Gox has more than $8 billion, and the US government has over $12 billion,” one trader pointed out.
Software company MicroStrategy, which holds over 210,000 BTC, and bitcoin miner Hut 8 led declines as bitcoin dropped to the lowest level since late February.
The German government began sending bitcoin to crypto exchanges last month following the seizure of 50,000 BTC in January.
