Major cryptocurrencies traded in the green on Thursday night as the labor market showed signs of remaining stubbornly robust, according to the latest jobless claims data.
| Cryptocurrency | Gains (+/-) | Price |
|---|---|---|
| Bitcoin | +3.23% | $25,119 |
| Ethereum | +1.66% | $1675 |
| Dogecoin | +4.17% | $0.072 |
What happened: Apex cryptocurrency Bitcoin (CRYPTO: BTC) traded above $25,000, while Ethereum (CRYPTO: ETH) was up 1.66% to nearly $1,675. Dogecoin (CRYPTO: DOGE) was trading at $0.072, up 4.17% in the last 24 hours.
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At the time of writing, the global crypto market cap was $1.09 trillion, up 2.21% over the past day.
The US stock markets also turned green. The S&P rose by 1.76 percent. The technology-heavy Nasdaq Composite rose 2.48 percent.
The latest jobless growth data from the Bureau of Labor Statistics shows initial jobless claims fell to 192,000 in the week ending March 11. This is lower than both the previously reported figure of 211,000 and the market expectation of 205,000. This is a welcome development and may indicate that the labor market continues to show signs of improvement.
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News Highlights: A new class action lawsuit claims that crypto influencers, esp Ben Armstrong (aka BitBoy), promoted FTX without disclosing their compensation for doing so. According to the lawsuit, some of those influencers replaced YouTube clips that praised former FTX CEO Sam Bankman-Fried with videos apologizing for their past endorsement of both the exchange and Bankman-Fried.
Only one in three users of Arbitrationa second-tier blockchain running on Ethereum, has received 1,000 tokens or more in an airdrop designed and facilitated by Nansen, a blockchain analytics startup.
Analyst Notes: “Bitcoin is higher as Wall Street gains confidence that efforts are being made to contain this banking crisis and as central banks globally continue their respective tightening cycles. The ECB went ahead with its rate hike to half a point, and expectations are improving for the Fed to deliver another increase. If the Fed is done tightening after the March 22 meeting, it will keep the economy in contraction mode and support expectations that we should start to see weakness in the labor market in the spring, said Edward Moyasenior market analyst at OANDA.
Moya added: “Despite losing a couple [of] major crypto banks, drops in returns are welcome news for many crypto startups. As the economy heads into recession, the cryptoverse may look more attractive than stocks. It appears that the downside risk is greater for the S&P 500 than for Bitcoin.”
Cryptanalyst Justin Bennett in a blog post updated his Bitcoin outlook, predicting a potential 20% increase in value. In a new analysis, Bennett suggests that the historic 35% pump seen in the last five days is not the end – instead, he believes Bitcoin could have further upside if the price can close above $25,000. If this happens, he predicts that BTC could rise above $30,000.
“An aggressive bounce from the $23,000-$23,500 range could send BTC back to $25,200. And a daily close above $25,200 would signal the next leg up towards the $28,000-$30,000 region. But all of this is conditional on a solid bounce from the mid-$23,000 range .”
Analyst Bob Loukas said that BTC appears to have encountered overhead resistance at the $25,000 area in an early cycle move. “Feels like a move to $28,000-$32,000 will be next, once cleared.
$BTC seems to have encountered overhead resistance in the $25k range in an early cycle.
Feels like a move to $28k-$32k will be next, once cleared. pic.twitter.com/dVK314fEwD
— Bob Loukas (@BobLoukas) March 16, 2023
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