Hassan Maishera
TL;DR
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The disappointing ADP private sector jobs report, and ISM services index saw Bitcoin drop below the $30k level for the first time in two weeks.
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Bitcoin has regained its value above $30k over the past few hours.
Market Reacts To Disappointing ADP Private Sector Jobs Report
The cryptocurrency market reacted negatively to yesterday’s disappointing ADP private sector jobs report. The report revealed that the United States private sector jobs surged by 497,000 in June, much better than the 220,000 estimate.
However, the report sparked a selloff in the market as investors were concerned that the private sector is recording smaller job gains compared to the Labor Department’s Non-Farm Payroll (NFP) data.
This resulted in Bitcoin, the world’s leading cryptocurrency by market cap, dropping below the $30k level for the first time in two weeks. Bitcoin dropped to the $29,851 level on Thursday following the ADP report before slightly pulling back to now trade just above $30k per coin.
Despite the broader market selloff, Solana is the only cryptocurrency amongst the top 10 by market cap, to be in the green zone. SOL added more than 1% to its value in the last 24 hours and now trades close to $20 per coin.
Overall, Solana remains the best performer amongst the top 20 cryptocurrencies by market cap in terms of weekly performance. SOL is up by more than 6% over the last seven days, outperforming the other major cryptocurrencies in the process.
Bitcoin Cash has maintained its value close to the $280k mark after rallying past the $320 mark earlier this month.
