First Mover Americas: It’s Payrolls Day Again, and Bitcoin Holds Tight Near $20K
The world’s largest cryptocurrency by market value has spent the last four months hovering around the $20,000 mark with little movement either side.
“This could be really important for bitcoin that it has found a base around $20,000 that traders are seemingly comfortable with in these turbulent times,” wrote Craig Erlam, an analyst at OANDA, in a morning note. “It now looks like a very strong region of support that's been reinforced with every test below.”
Erlam said there could well be a case for this level forming a bottom for the cryptocurrency, but of course, another risk-off panic could put this theory to test.
Ether (ETH) was also trading down on the day slightly, but has been slowly making its way back up after the post-Merge drop.
A blockchain linked to the big crypto exchange Binance ordered a suspension on Thursday, after an estimated $100 million to $110 million in assets were moved off chain.
Some $7 million of the total crypto has already been frozen.
BNB token is down 3.35%.
In the news, Citigroup’s director of blockchain and digital assets is leaving the U.S. bank to take a role at Six Digital Exchange, according to his LinkedIn page.
A report from Morgan Stanley said the market for cryptocurrency exchange products continues to grow, a sign that institutional interest in the digital assets sector remains strong despite concerns of a crypto winter.
Crypto lender Celsius’ top executives withdrew a little over $17 million in cryptocurrency between May and June 2022, right before the company suspended withdrawals and filed for bankruptcy, new court records show.
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Chart of the Day
US Wage Growth May Be The Most Important Figure for Risk Assets
By Omkar Godbole
- An expected slowdown in the headline nonfarm payrolls (NFP) report may do little to bring relief to risk unless accompanied by a meaningful deceleration in the average hourly earnings.