Cryptocurrency Prices on June 10: Bitcoin falls below $69.5K following hotter-than-expected US jobs report (2024)

Major cryptocurrencies remained relatively stagnant on Monday, exhibiting a slight downward trend after the US jobs report released Friday came in hotter than expected.

U.S. employers added 2,72,000 jobs in May, up from April and more than economists expected. The report also showed the unemployment rate rising for a second straight month. Overall, it signals continued strength in the jobs market, with some minor signs of weakening. The strong jobs market has supported consumer spending and the broader economy, but it has also been complicating the Federal Reserve's path ahead for interest rates.

As of 12:42 pm IST, Bitcoin was down 0.1% to $69,379, while Ethereum experienced a 0.5% decline to $3,668. Other major tokens such as BNB, Solana, Dogecoin, Shiba Inu, and Chainlink also traded in the red, while XRP, Tron, Kaspa, and Pepe saw gains.

"Bitcoin's price dropped below $70,000, erasing most of its weekly gains. This steep decline was part of a broader crypto market selloff, triggered by an unexpectedly strong US employment report," said CoinSwitch Markets Desk.

On a similar line, Shivam Thakral, CEO of BuyUcoin, said, "Stronger than expected US jobs data dashed the rate cut hopes by the US Fed which dampened the investor sentiment. Investors switched to sell-off mode due to which BTC plunged below the $70,000 mark while Ethereum is hovering around the $3600 mark, at the time of writing. Markets are expected to remain choppy this week."

Also Read: Why crypto is an asset class that cannot be ignored?

The volume of all stablecoins is now $46.4 billion, which is 92.58% of the total crypto market 24-hour volume, according to CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, fell to $1.368 trillion. Bitcoin's dominance is currently 54.11%, according to CoinMarketCap. BTC volume in the last 24 hours rose 16.1% to $15 billion.

Tech view on BTC ZebPay Trade Desk

Bitcoin's price has slipped from its intra-week high of approximately $72,000, but the bulls are striving to maintain support above $67,000. The crypto is poised to close the week with modest gains of just over 2%. Despite not breaking through the overhead resistance, buying interest has remained steady. Investor data reveals around $1.7 billion in inflows into spot Bitcoin exchange-traded funds (ETFs) this week, pushing the total investment in these ETFs to $15.5 billion as of June 6th. This strong buying activity indicates that traders expect the upward trend to persist.

ETMarkets.com

After correcting almost by 23%, Bitcoin dropped from its all-time high of $73,777 to $56,552. The lower shadow around the crucial support level of $56,000 indicated buying from these levels and the prices rallied up to $71,979. BTC is struggling to sustain and give a weekly close above $70,000 and continues to trade in a broad range between $72,000 to $67,000 with declining volumes. Breakouts on either side of the range will further decide the trend for the asset.

(Disclaimer: The views expressed by experts are their own and do not necessarily reflect those of The Economic Times)