Bitcoin is at $27,940 on the last business day of the week
March data from the United States caused cryptocurrencies to diverge negatively from global markets. After the pullbacks in cryptocurrencies, the total market cap is around $1.14 trillion.
The number of applications to benefit from unemployment benefits for March, which was announced in the USA yesterday, came in at 228K, above the expectations, and showed the weakening in the strong stance of the labor market. With the increase in the signs of weakening in the labor market together with the private sector employment data received the other day, the expectation that the FED will not raise interest rates in May continued to increase in the markets. In addition, FED member Bullard said in his speech that monetary policy may continue to put pressure on inflation, and then he talked about the banking crisis and stated that the financial stress was less compared to 2007-2009.
Bitcoin has been quite active in 2023
In the light of these data, while the global risk appetite increased, the US stock market closed positively. However, the crypto market diverges from the global markets and shows a horizontal negative movement. This morning, Bitcoin is at a critical level of $27,940, while Ethereum is at $1,860. Altcoins also follow the major cryptos and show activity in a negative course.
While the total value of the crypto market is above the $1.14 trillion level with minor pullbacks, Bitcoin's dominance is up 47.4%, while Ethereum's dominance is 19.7%. Today, ACH, DODO, ENJ and ONT stand out as the most rising crypto money in Bitay with double-digit earnings.
