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Crypto
Source: Newsmaker.id
Bitcoin traded around US$77,220, down 1.01%, during Wednesday's session. The largest cryptocurrency is still lacking momentum after surging nearly 25% in August. Global crypto market capitalization stands at approximately US$2.60 trillion, with Bitcoin holding a 59.7% market dominance.
Altcoins faced greater pressure. Ethereum fell 2.05% to US$2,392.30, XRP dropped 3% to US$1.3364, and Solana weakened 2.59% to US$99.23. BNB remained relatively stable at US$686.90, while Cardano fell 1.81% to US$0.1960 and Dogecoin lost 1.56%, settling at US$0.08147.
The US-Iran conflict continues to weigh on sentiment by driving up oil prices and inflation risks. These conditions had previously pushed up global bond yields and raised expectations for Federal Reserve interest rate hikes, thereby pressuring Bitcoin and other risk assets.
US ADP data showing a gain of only 38,000 jobs—below the forecast of 47,000—helped ease pressure on the dollar and bond yields. However, the boost to crypto remained limited as the market awaits Friday's Nonfarm Payrolls (NFP) report. Even Strategy's first Bitcoin purchase in two months failed to reverse market sentiment.
Newsmaker Analysis: Bitcoin remains under pressure as long as it stays below the psychological level of US$80,000. Weak NFP data could lower interest rate hike expectations and open the door for a crypto rebound, whereas strong data could potentially drive yields back up and deepen the pressure on Bitcoin and altcoins. (arl)
Source: Newsmaker.id