Cardano (ADA) and Dogecoin (DOGE) led losses among major cryptocurrencies, dropping 4% over the past 24 hours as traders hesitated ahead of the upcoming U.S. payroll report. Bitcoin (BTC) also declined, trading just above $97,300 in European morning hours on Friday, marking a 1.7% drop. The CoinDesk 20 (CD20), an index tracking the largest tokens by market capitalization, fell by 2.3%.
Singapore-based QCP Capital noted the market-wide downturn in a Telegram broadcast, stating, “Bitcoin failed to reclaim the $99K resistance level last night, triggering a broad selloff in the market and pushing BTC back to a new daily low of $95.6K. With a three-day losing streak, the outlook for crypto remains uncertain.”
Ethereum (ETH) lost 2%, while XRP outperformed BTC with only a 1.1% dip following a brief sell-off on Thursday. Meanwhile, Solana’s SOL saw a slight 0.2% increase, buoyed by VanEck’s optimistic forecast that it could reach $520 by the end of 2025.
Market analysts are bracing for continued fluctuations next week. “It’s been a volatile week as China has demonstrated that it can take countermeasures against new tariff policies,” said Jeff Mei, COO at BTSE, in a Telegram message to CoinDesk. “There appears to be a wide breadth of tools at their disposal that can act as leverage. Additionally, we’ve yet to see Trump tariffs hit the EU, so markets will likely continue fluctuating in the coming weeks.”
Investors are now closely watching the U.S. Non-Farm Payrolls (NFP) report, which provides insights into job creation, the unemployment rate, and wage growth. This report plays a critical role in shaping expectations around the Federal Reserve’s interest rate decisions. Strong job growth can fuel inflation concerns, potentially leading to higher interest rates, while weaker data might signal an economic slowdown, lowering rate expectations and impacting currency and bond yields.
Bitcoin’s price remains sensitive to these macroeconomic shifts, reacting to changes in risk sentiment, liquidity conditions, and the dollar’s value. If payroll data boosts risk appetite, it could push Bitcoin and the broader crypto market higher. Conversely, weaker employment figures could trigger risk aversion, adding to the prevailing uncertainty in the market.