analysis, bitcoin, ethereum

Bitcoin was trading lower on Thursday, ahead of tomorrow’s monthly nonfarm payrolls (NFP) report. The U.S. labor market has recently shown signs of slowing, following data this week reporting that nationwide job openings had fallen. Ethereum also dropped on the prospect of the NFP report, which is expected to come in at 250,000 jobs.

Bitcoin

After yesterday’s rebound in price, bitcoin (BTC) was back in the red on Thursday, as markets prepared themselves for tomorrow’s nonfarm payrolls report.

It is expected that Friday’s report will show an addition of 250,000 jobs to the U.S. economy in July, which is lower than June’s figure of 372,000.

As a result of this, crypto traders took a risk-off approach in today’s session, with the world’s largest token falling to a low of $22,790.66 as a result.

analysis, bitcoin, ethereum

BTC/USD – Daily Chart

The move sees bitcoin once again approach its price floor of $22,600, which when broken, usually sees BTC/USD bears push the token towards $20,000.

So far this hasn’t happened, and as of writing BTC has marginally gained, trading at $22,907.09.

Price strength continues to track at its floor of 53, however should this move towards 54, or even 55, we could see slight upside momentum return.

Ethereum

In addition to bitcoin, ethereum (ETH) was also back in the red, as bears pushed the token below its recent support level.

ETH/USD fell below its support point of $1,620 in today’s session, as bearish pressure moved the token to an intraday low of $1,611.62.

This low comes following Wednesday’s rebound in price, which saw ETH reach a high of $1,678.10.

analysis, bitcoin, ethereum

ETH/USD – Daily Chart

As of writing, and similar to BTC, ethereum is once again trading above its floor, with ETH/USD currently at $1,621.47.

This comes as the 10-day moving average continues to be upwards facing, signaling that momentum in the short-term has yet to fully move into bear territory.

However, this could soon change, as volatility between now and tomorrow’s report will likely continue to impact price action.

Register your email here to get weekly price analysis updates sent to your inbox:

Will nonfarm payrolls beat expectations of 250,000 jobs? Leave your thoughts in the comments below.

TECH NEWS RELATED

Report Shows Crypto Startups Raised $30.3 Billion in H1 2022, Exceeding Total Raised in 2021

While cryptocurrency markets have seen poor performances during the first two quarters of 2022, a recently published fundraising report authored by Messari researchers notes that $30.3 billion was raised by crypto projects and startups during the first half of 2022. The $30.3 billion raised across 1,199 fundraising rounds surpasses ...

View more: Report Shows Crypto Startups Raised $30.3 Billion in H1 2022, Exceeding Total Raised in 2021

Binance CEO Warns 'We Could Disable Wazirx Wallets' — Advises Investors to Transfer Funds to Binance

Binance CEO Changpeng Zhao (CZ) has warned that his company could “disable Wazirx wallets on a tech level,” advising anyone with funds on the Indian crypto exchange to transfer them to Binance. The warning numerous tweets by CZ and Wazirx’s founder regarding whether Binance acquired Wazirx. Binance’s Warning: Transfer ...

View more: Binance CEO Warns 'We Could Disable Wazirx Wallets' — Advises Investors to Transfer Funds to Binance

Shark Tank Star Kevin O'Leary Buys the Bitcoin Dip — Says Crypto 'Desperately Needs Policy'

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says he has bought the dip during the recent cryptocurrency market sell-off. He added: “Now crypto itself desperately needs policy. It needs regulation.” Kevin O’Leary Buys the Dip, Comments on Bitcoin Price Kevin O’Leary shared his crypto market outlook and investment ...

View more: Shark Tank Star Kevin O'Leary Buys the Bitcoin Dip — Says Crypto 'Desperately Needs Policy'

Elon Musk Accuses Twitter of Fraud in Countersuit Over $44B Deal — Twitter Subpoenas Binance and Other Firms

Tesla CEO Elon Musk has accused Twitter of fraud in his countersuit against the social media company. Twitter filed a lawsuit against the billionaire to force him to go through with the $44 billion deal to buy the platform. “The Musk parties bring their counterclaims for breach of contract ...

View more: Elon Musk Accuses Twitter of Fraud in Countersuit Over $44B Deal — Twitter Subpoenas Binance and Other Firms

Alleged BTC-e Operator Alexander Vinnik in US Custody After Immediate Extradition From Greece

Russian IT specialist Alexander Vinnik, accused of owning and running the infamous crypto exchange BTC-e, has been handed over to the U.S. This week, Greek authorities proceeded with the extradition, after his return from France, despite Vinnik’s defense protesting the move and calling the case a “judicial, diplomatic and ...

View more: Alleged BTC-e Operator Alexander Vinnik in US Custody After Immediate Extradition From Greece

Voyager to Allow Cash Withdrawals for Customers With US Dollars Held in Accounts

Following the bankruptcy judge approving the release of $270 million in cash deposits, the crypto firm Voyager Digital has announced that it plans to open cash withdrawals starting on Thursday, August 11. After the cash withdrawal gates are open, Voyager customers can withdraw up to $100K in cash via ...

View more: Voyager to Allow Cash Withdrawals for Customers With US Dollars Held in Accounts

Debridge Finance Suspects North Korean Hacking Syndicate Lazarus Group Attacked the Protocol's Team

According to the co-founder of Debridge Finance, Alex Smirnov, the infamous North Korean hacking syndicate Lazarus Group subjected Debridge to an attempted cyberattack. Smirnov has warned Web3 teams that the campaign is likely widespread. Lazarus Group Suspected of Attacking Debridge Finance Team Members With a Malicious Group Email There’s ...

View more: Debridge Finance Suspects North Korean Hacking Syndicate Lazarus Group Attacked the Protocol's Team

A Second Ethereum PoW Chain Idea Gains Traction, Poloniex to List 'Potential Forked' Token Markets

Five days ago, the influential Chinese crypto miner, Chandler Guo, explained that a proof-of-work (PoW) version of Ethereum is “coming soon” as the community prepares for the network’s transition to proof-of-stake (PoS) next month. As usual, the idea of a forked token gets people excited and some individuals get ...

View more: A Second Ethereum PoW Chain Idea Gains Traction, Poloniex to List 'Potential Forked' Token Markets

This Week in Coins: Companies Report Big Bitcoin Impairment Charges but Markets Mostly Shrug

Biggest Movers: AVAX Nears 2-Month High, FIL up 15% Despite Weekend Volatility

Who's Afraid of Gary Gensler? Coinbase Braces for a Fight

Central Bank of Brazil Director Praises Bitcoin as a Financial Innovation, Talks Programmable Digital Real

Latest Turkey Inflation Rate of 79.6% the Highest in 24 Years — Weakening Lira and Russia-Ukraine War Blamed

UK Parliamentary Group Seeks Views of Crypto Industry Players

India Freezes Crypto Exchange Wazirx's Bank Assets — Binance Claims Acquisition of Wazirx Was 'Never Completed'

Nigerian Currency Recovers Versus US Dollar — Central Bank Says Importers Must Repatriate Forex Earnings

Bitcoin Price Outlook for August: BTC Faces Some Important Tests in the Coming Weeks

230 Economists Warn the US Government's Proposed Inflation Reduction Act Will Fuel Inflation

The Ethereum Merge Resistors: Can They Succeed?

Bankrupt Crypto Firm Voyager Digital Approved to Release $270 Million in Cash Deposits

OTHER TECH NEWS

Top Car News Car News