Cardano’s ADA experienced an 8% decline, leading losses among major cryptocurrencies amid ongoing weakness in Bitcoin, which dropped to nearly $93,000. This downturn followed robust economic data that sent U.S. treasury yields rising, impacting equities adversely. Traders are now keenly awaiting upcoming U.S. economic reports, particularly the FOMC and NFP, which are anticipated to significantly influence Bitcoin's price movements. The broader cryptocurrency market, including altcoins like ADA, Solana, and BNB, has reported losses of nearly 10% over the past week. Worries about potential sell-offs during President-elect Donald Trump's inauguration on January 20 add to market caution. Trump’s upcoming presidency may reform crypto regulations, igniting optimism for a future rally. QCP Capital suggests that the current Bitcoin pullback might just be a pause, with traders advised to monitor the forthcoming economic data for better positioning. The NFP report will shed light on U.S. job trends, crucial for assessing economic conditions and predicting interest rate movements, impacting risk assets like Bitcoin.

Source 🔗