24 Hrs Crypto Update, Jan 06: Global Crypto Market Shows Positive
The global crypto market shows bullish momentum.
The Crypto Market turns bullish as US Unemployment Rate Falls to 3.5%.
The prices of BTC, ETH, ADA, and DOGE have shown gains in the last 24 hours.
Crypto Market Gains Momentum Amid Positive Job Reports
The broader crypto market changes its trend after a brief stable momentum and shows little gains in the last 24 hours due to macroeconomic circumstances. As a result, the prices of Bitcoin, Ethereum, and Cardano are trading in the green.
At the time of writing, the global cryptocurrency market cap has surged 0.7% in the last 24 hours to $0.859 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $40.14 billion.
The crypto market leader, Bitcoin price is currently trading at $16,967. This follows a 0.88% increase in the last 24 hours. As a result, its market capitalization stands at $326.53 billion.
As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,269.7, which increased by 1.6% in the last 24 hours.
Cryptocurrencies Price Action
The price of Binance (BNB) has increased by 2.5% in the last 24 hours. BNB is currently ranked 5th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of BNB was trading at $262.1.
In addition, the price of Decentraland (MANA) increased by 6.8% in the last 24 hours. MANA is currently ranked 56th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of MANA was trading at $0.3414.
However, Shiba Inu (SHIB) continues to gain momentum and is currently trading at $0.00000856. It increased by 2.3% in the last 24 hours.
What Turns the Crypto Market bullish?
The United States added 223,000 jobs in December, according to the Bureau of Labor Statistics most current Nonfarm Payrolls report. This was more than the 200,000 jobs that experts had projected and was a reduction from the previously reported 263,000 jobs in November. Contrary to expectations, the unemployment rate was 3.5% instead of the expected 3.7%. This led the global crypto market to surge significantly.
Meanwhile, the US equity market also shows gains in its yesterday’s (Jan 06) trading session, indicating a correlation between the two markets.
Major Events Around the World
As per reports, 3AC founders Zhu Su & Kyle Davies were recently served with a subpoena on Twitter on Jan. 5 after the liquidators were granted approval from Singaporean authorities.
On Jan 6, the United States Securities and Exchange Commission (SEC) launched an investigation into the financial firms & investors that funded FTX.
The Huobi exchange's global trading volume has dropped in the past day amid concerns of internal instability. The Huobi Token (HT) and TRON (TRX) tokens also dropped significantly.
COINGABBAR Views: If the current trend continues, the market will remain bullish. The volatility trend in the market has persisted for some time and appears to be continuing, as indicated by the current influx.
