Bitcoin (BTC), the world’s largest cryptocurrency, fell below the $94,000 mark in early Friday trading, weighed down by rising bond yields and expectations for a strong US jobs report.
During Asian trading hours, the dollar gained 0.5% against the yen, reaching 158.03 yen, and strengthened by over 1% against the British pound, which sank to a 14-month low amid a sell-off in gilts and concerns about the UK’s financial stability.
Meanwhile, the dollar index is set for a sixth consecutive weekly gain, its longest run since an 11-week streak in 2023 as the U.S. economy continues to seem strong in contrast with weaknesses elsewhere. The index was steady in early Friday trading, up 0.25% for the week at 109.18.
The stronger dollar tends to put downward pressure on cryptocurrencies, as it makes digital assets more expensive for foreign investors and can lead to reduced demand.
At 11:00 am IST, Bitcoin was trading at $93,698, down 0.63%, with an intraday low of $91,220.
Other major altcoins also saw declines on Friday. Ethereum fell 2.6%, XRP dropped 3%, BNB declined 1.4%, Solana slipped 3.3%, Dogecoin dropped 3.7%, Cardano fell 2.2%, Tron decreased 2.7%, Stellar dropped 4.9%, and Hedera fell 2.2%. The global crypto market cap decreased by 1.45%, reaching $3.26 trillion.
“Bitcoin is trading range-bound as investors remain cautious. While BTC and other major tokens show strong resilience near the support levels, bulls must step in to see some price action. Investors are now eyeing the December jobs report due later today to decide the market momentum,” said Edul Patel, CEO Of Mudrex.
“Currently trading at $93,500, BTC Bitcoin faces resistance at the $95,900 level while strong support lies at the previous low of $91,200,” Edul added.
Avinash Shekhar, Co-Founder & CEO of Pi42, stated, “Bitcoin’s drop to $92,000 is viewed as short-term noise rather than a structural shift, and it is unlikely to trigger a major bearish signal.”
“Altcoins followed Bitcoin’s trend, with Solana dropping 4%, while XRP, BNB, Cardano, and Tron registered declines of 1-3%. Ethereum saw a significant pullback, now testing key support at $3,250. With the US jobs report due today, stronger-than-expected numbers could increase market volatility, further contributing to the cautious sentiment,” said Vikram Subburaj, CEO of Giottus.
The volume of all stablecoins is now $139/47 billion, which is 91.84% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, fell to $1.856 trillion. Bitcoin’s dominance is currently 56.8%, according to CoinMarketCap. BTC volume in the last 24 hours fell 5.5% to $60.67 billion.
