Ethereum

Pepe

NEXT GEN PEPE

View

The crypto markets experienced a selloff on June 7th after the U.S. employment data exceeded expectations, with Bitcoin dropping nearly 2% and Ethereum falling over 3%. However, many traders view this as simply a temporary “shakeout” before the broader uptrend continues. 
The catalyst was the U.S. Employment Situation <a href="https://www.bls.gov/news.release/pdf/empsit.pdf" target="_blank" rel="noopener">Summary</a> showing 272,000 new jobs added in May, contradicting predictions that a weaker report could force the Fed to ease inflation-fighting measures and be bullish for crypto prices. 
“A weaker surprise could bring back rate cuts, and Bitcoin would likely hit new all-time highs,” <a href="https://x.com/10x_Research/status/1798163691931873730" target="_blank">said</a> Markus Thielen, Head of Research at 10x Research, just days before the data release. 
While Thielen doesn’t think the jobs numbers directly caused the crypto dip, the data paints a mixed picture according to his analysis: “The unemployment rate climbed to 4.0% but there was an upside surprise in jobs added, entirely due to an increase in part-time workers.” 
The downturn hit altcoins particularly hard, with Pepe plunging over 10%, Solana down almost 5%, and Dogecoin tumbling nearly 8%. But many traders remain bullish long-term. 
“Strong sell-off into support. Looks like a shakeout,” tweeted popular crypto analyst il Capo of Crypto, added 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#crypto</a> market update Strong sell-off into support. Alts suffered more, but it looks like a shakeout tbh. If these support levels hold, we should see bullish continuation soon. <a href="https://t.co/EdHT7a1J7n" target="_blank">pic.twitter.com/EdHT7a1J7n</a>— il Capo Of Crypto (@CryptoCapo_) <a href="https://twitter.com/CryptoCapo_/status/1799144868717142088?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 7, 2024</a>
 </blockquote> 
 </div>
</figure> 
While an unwelcome jolt, the overriding sentiment is that this is simply a minor speed bump on crypto’s road to wider adoption and higher prices in the coming months. The market’s ability to rebound from this dip will provide a key test for the bull case. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/08/alibaba-cloud-qwen2-outperforms-metas-llama-3-in-benchmark/">Alibaba Cloud Qwen2 Challenges Meta Llama 3 in Benchmark</a> 
</blockquote>

Traders View Crypto Market Downturn as Short-Term “Shakeout”

The Crypto Times

Other articles published on Jun 8, 2024

Crypto enthusiasts warn against naira trade ban on exchanges

Pepe Whale Becomes a Millionaire Makes 10X ROI, Which Other Meme Coins Can Follow The Same Trajec...

Investors Face High Altcoin Volatility

Why are some investors attracting to these coins ? Bitgert, Dog (Runes), Notcoin, JasmyCoin, Cardano

CoinGecko Suffers Data Breach Through Third Service Provider – Details

Pepe Coin Price Analysis Hints 20% Downside Risk As Sellers Break 50-day Support

Join our free newsletter for daily crypto updates!