Bitcoin, Ethereum And Dogecoin Drop As Latest US Employment Data Raises Investor Caution

In the wake of the August job report, the crypto market displayed a mixed bag of reactions. Bitcoin, the leading cryptocurrency, experienced a slight dip, trading around the $26,000 or approximately ₹21.5 lakh mark. Ethereum, another heavyweight in the crypto arena, hovered near $1,640 or ₹1.35 lakh, while Dogecoin, the meme-inspired digital coin, traded close to $0.063 or ₹5.

CryptocurrencyGains +/-Price
Bitcoin BTC/USD+0.29%₹21.5 lakh
Ethereum ETH/USD+0.21%₹1.36 lakh
Dogecoin DOGE/USD-0.77%₹4.96

Investors Cautious? The employment report for August, which revealed a slower-than-expected growth in U.S. employment, has left investors treading cautiously. This cautious sentiment is evident in the crypto market’s response, with many investors weighing the potential economic implications.

However, amidst this uncertainty, there might be some reason for traders to be optimistic. The U.S. Federal Reserve’s call to delay its tapering plans could be a silver lining for Bitcoin bulls as if the Fed holds off on tightening its monetary policy, Bitcoin could see a surge, potentially breaking past its resistance level.

In essence, while the August job report has introduced a layer of unpredictability in the crypto market, it’s crucial to remember that the world of cryptocurrencies is inherently volatile. As always, investors should stay informed and approach the market with a blend of caution and optimism.

Market Snapshot: As of now, the global crypto market's worth hovers around $1.05 trillion or ₹86.83 lakh crore, marking a measly 0.11% increase over the past day. On the stock front, Monday saw metals led the advance of shares across India’s stock markets, buoyed by China’s continued support for the property sector and growing expectations of a U.S. Federal Reserve rate pause later this month.

As of 12:30 pm, the Nifty 50 index climbed 0.36% to 19,505.30, and the S&P BSE Sensex increased by 0.25% to 65,550.18.

Read next: If You Invested ₹10,000 In Cardano A Year Ago, Here's How Much You'd Have Right Now

Disclaimer: Benzinga India doesn’t give financial advice. The above article is for educational purposes alone.

Editor’s Note: Investing in cryptocurrencies like Bitcoin involves significant risk due to their volatile nature. Investors should carefully consider their risk tolerance and investment goals before investing in the crypto market.

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Posted In: CryptocurrencyMarketsBitcoindogecoinEthereum