Cryptos started the day under the influence of global developments
The cryptocurrencies were affected by the ADP private sector employment data released yesterday and retreated somewhat. After these withdrawals, Bitcoin shows activity at $28,000 and Ethereum at $1,880 on the new day.
ADP private sector employment data from the USA yesterday was announced as 145 thousand, against the expectation of 200,000, and this drew a negative outlook on the labor market and increased the recession concerns in the USA. At the same time, after the slowing economic activity and the banking crisis, there was an increase in the expectations that the FED would not raise interest rates in May.
It can be said that the incoming data put pressure on the risk appetite in the US stock markets. There are also pullbacks in the cryptocurrency market. While Bitcoin is volatile around $28,000 this morning, Ethereum hangs below $1,900 and finds buyers at $1,880. The same negative trend is also present in altcoins.
Also, yesterday came the news that a Swiss Government bank will offer Bitcoin and Ethereum trading and storage services to 2.5 million customers. Then, MicroStrategy announced that it purchased $29.3 million worth of Bitcoin between March 24 and April 4. These positive news had no impact on cryptos, with data from the US more dominant in market activity.
While the total value of the crypto market has been moving above the $1.15 trillion level with minor pullbacks, Bitcoin's dominance is 47%, while Ethereum's dominance is at 19.7% levels. Today, LINA, STPT and ONT stand out as the most rising crypto money in Bitay with double-digit gains.
