Major cryptocurrencies, which had been weakening across the board last weekend due to the aftermath of the US jobs shock, have seen a slight rebound in price. Bitcoin (BTC) has recovered to the $111,000 level.
According to CoinMarketCap, a global cryptocurrency market monitoring site, as of 8:00 AM on the 8th, BTC was trading at $111,265.38, up 0.96% from the previous 24 hours. At the same time, Ethereum (ETH) was trading at $4,310.13, up 0.77%. XRP rose 2.48% to $2.876, and Solana (SOL) rose 3.49% to $207.35.
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The domestic cryptocurrency market showed a similar trend. On Bithumb, a domestic exchange, BTC rose 0.41% from the previous day to close at 155.03 million won. ETH rose 0.17% to 6.006 million won, and XRP rose 1.98% to 4.011 won.
As the deteriorating employment situation due to the Trump administration's reciprocal tariffs became apparent, the cryptocurrency market rebounded after a weak weekend. Immediately following the release of the employment figures, Bitcoin (BTC) rebounded to $113,000 on expectations of a rate cut, but then fell back to the $110,000 level amidst growing concerns about an economic downturn. On the 5th (local time), the U.S. Bureau of Labor Statistics (BLS) announced that nonfarm payrolls added only 22,000 jobs in August. This figure fell significantly short of the 75,000 jobs forecast by experts compiled by Dow Jones.
Market participants have mixed opinions on the short-term price outlook. Cryptocurrency market analyst Michael van de Poppe told X that "BTC has formed a higher low while maintaining support at $110,000. A break above $112,000 will ignite the bull market." Another analyst, CypherX, warned that "if BTC fails to reclaim $112,000, it could lead to new lows."
The fear and greed index from cryptocurrency data analysis firm Alternative.me fell 4 points from the previous day to 44, transitioning to "fear" status. A reading closer to 0 indicates a weakening of investor sentiment, while a reading closer to 100 indicates overheated markets.
- Reporter Kim Jeong-woo
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