Claim $500US Jobs Report Causes Crypto Market to Dip, Bitcoin, Ethereum Drops
In a positive sign for the labor market, the U.S. private payrolls for June surpassed expectations, indicating strength despite concerns of a potential recession due to rising interest rates, Reuters reported. Following the release of the ADP report, the crypto market experienced a downturn with major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) witnessing declines.
Crypto Market Post ADP Report
The ADP National Employment report released on Thursday revealed a significant surge of 497,000 jobs in the private sector, exceeding economists’ predictions of a 228,000 increase. However, May’s figures were revised downward to show 267,000 jobs added instead of the previously reported 278,000.
After the release of the ADP National Employment report, the crypto market experienced slight declines. Bitcoin (BTC) fell by 1.21% to reach a price of $30,544.90, while Ethereum (ETH) dropped by 1.17% to reach $1,902.00. These minor downturns reflect the market’s response to the report’s findings. Higher-than-expected US jobs data may indicate a potential increase in interest rates by the US Federal Reserve.
Just a few hours ago, Bitcoin (BTC) achieved a significant milestone by reaching a new all-time high of $31,141.54 for this year.
“Consumer-facing service industries had a strong June, aligning to push job creation higher than expected. But wage growth continues to ebb in these same industries, and hiring likely is cresting after a late-cycle surge.”
– Nela Richardson, Chief Economist, ADP
Also Read: Elon Musk Mocks Twitter Rival Meta’s Threads on Launch Day
About ADP Report
The ADP report, developed in collaboration with the Stanford Digital Economy Lab, provides an early glimpse into the labor market before the more comprehensive employment report from the Bureau of Labor Statistics, which is scheduled for release on Friday.
It’s worth noting that immediately after the release of the ADP report, the Dollar Index saw a 0.3% rise, recovering a significant portion of its earlier losses.
Looking ahead, the next ADP National Employment Report for July 2023 is set to be released on August 2, 2023, at 8:15 a.m. ET.
Also Read: XRP Price Predicted to Surge 600% Amidst Ripple’s Class Action Lawsuit
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Crypto Gains New Use Case as Iran Turns to Digital Assets for Weapon Sales
- Bitcoin Could Rally to $170,000 in 2026 If This Happens: CryptoQuant
- Lighter Team Under Fire After Alleged $7.18M LIT Token Dump Post-Airdrop
- Binance Market Maker Hack: Trader Rakes in $1M via Failed BROCCOLI Price Manipulation
- Breaking: UK Begins New Initiative to Crack Down on Crypto Tax Evasion
- Shiba Inu Price Eyes a 45% Rebound as Burn Rate Spikes 10,700%
- Expert Predicts Ethereum Price Rebound to $4k as BitMine, Long-Term Holders Buy
- Bitcoin Price Prediction Ahead of FOMC Minutes
- U.S. Government Shutdown Looms: These 3 Crypto Predictions Could Explode
- Grayscale Files for First U.S. Bittensor ETF: Will TAO Price Rally to $300 in January?
- Shiba Inu Price Prediction: Will SHIB Show Golden Cross Signal in 2026?
