Cardano (ADA) and Dogecoin (DOGE) See 4% Decline as Market Awaits U.S. Payroll Data
Cardano (ADA) and Dogecoin (DOGE) have dropped by 4% over the last 24 hours, leading the declines among major cryptocurrencies, as traders adopt a cautious approach ahead of the U.S. payrolls report, which could shape the market’s direction in the coming days.
Bitcoin (BTC) was trading just above $97,300 during the European morning on Friday, marking a 1.7% dip in the past 24 hours. The CoinDesk 20 index, which tracks the largest cryptocurrencies by market cap, saw a 2.3% drop across the board.
“Bitcoin couldn’t break through the $99K resistance level overnight, which led to a broader market selloff and pushed BTC down to a new daily low of $95.6K,” noted QCP Capital in a Telegram update. “With Bitcoin on a three-day losing streak, the market sentiment remains uncertain.”
Ether (ETH) experienced a 2% drop, while XRP showed resilience with a smaller 1.1% decline following Thursday’s brief sell-off. Solana (SOL) managed a slight uptick of 0.2%, with VanEck projecting it to reach $520 by the end of 2025.
Traders are preparing for more volatility next week, driven by both global and domestic factors.
“It’s been a volatile week as China continues to show it can take countermeasures against new tariff policies,” said Jeff Mei, COO of BTSE. “They have a wide range of tools at their disposal that could affect the market.”
Mei also pointed out the pending impact of Trump-era tariffs on regions like the EU, Canada, Mexico, and China. “Until the full impact of these tariffs is felt, we can expect continued market fluctuations,” Mei added.
The upcoming Non-Farm Payrolls (NFP) report, which details job creation, unemployment, and wage growth, is closely watched by investors as it affects expectations regarding the Federal Reserve’s monetary policy.
Stronger job growth could stoke inflation concerns and increase the likelihood of interest rate hikes, while weaker data may signal an economic slowdown, reducing expectations for rate hikes and affecting currency and bond markets.
Bitcoin’s price typically responds to shifts in risk sentiment, liquidity, and the U.S. dollar’s value. A positive NFP report could create a “risk-on” environment, boosting Bitcoin and the wider crypto market, while a disappointing report could have the opposite effect, leading to more cautious market behavior.
