KEY POINTS:
- Bitcoin prices slide below $54,000.
- OG crypto is down 15% in four days.
- Jobs report today may shake it up.
Biggest crypto tumbled early Friday amid lack of any major news to stir some deals and hit a low last seen in late February.
- Bitcoin BTCUSD skittered down to levels under $54,000 early Friday morning, floating to lows last seen in February this year. The fresh drop extends an ongoing selloff that has spanned across the past four trading days, including the Fourth of July (crypto gets no days off, not even weekends.) Over that time span, the OG digital asset is down about 15%, sliding to $53,900 from $63,200 per token.
- No news on deck has crypto traders worried over the opportunity cost of holding a non-performing asset amid booming times for the stock market. The two asset classes — equities and crypto — aren’t too different from one another. In fact, they’re getting more intertwined and reactive to the same economic reports, such as inflation and jobs data. On that front, something’s cooking.
- It’s Jobs Day today and traders from all corners of the market will be looking at the numbers released by the US Labor Department. Officially called nonfarm payrolls, the jobs data will show how many new workers joined the US economy for the month of June. Analysts are eyeballing 189,000, significantly lower than May’s 272,000. The report is likely to inject fresh volatility and shake up some markets, Bitcoin included.
