Market Update: Cardano and Dogecoin Experience Declines
In the latest trading session, both Cardano (ADA) and Dogecoin (DOGE) witnessed a decline of approximately 4% over the past 24 hours. This downturn has positioned them among the major cryptocurrencies that have faced losses as traders eagerly await crucial U.S. payroll data, which could impact market positioning significantly.
During European morning trading on Friday, Bitcoin (BTC) was priced just above $97,300, reflecting a decrease of 1.7% in the same time frame. The broad-based CoinDesk 20 (CD20), which tracks a liquid index of the largest digital tokens by market capitalization, experienced a drop of 2.3%.
According to a recent broadcast by QCP Capital, a trading firm based in Singapore, “Bitcoin struggled to reclaim the $99,000 resistance level last night, leading to a widespread selloff across the market and pushing BTC down to a new daily low of $95,600.” They noted that with a three-day losing streak now in place, the overall outlook for the cryptocurrency market remains uncertain.
Meanwhile, Ether (ETH) also saw a decrease of 2%, while XRP managed to outperform Bitcoin with a slight decline of only 1.1% following a brief sell-off on Thursday. In contrast, Solana’s SOL demonstrated resilience with a modest gain of 0.2%, as investment firm VanEck projected that the token could reach $520 by the end of 2025.
Some traders have pointed to the anticipated volatility in cryptocurrency markets in the upcoming week. Jeff Mei, COO at BTSE, shared his insights with CoinDesk via a Telegram message, stating, “It’s been a tumultuous week as China has shown its ability to implement measures against new tariff policies. It appears there is a wide array of tools at their disposal that can act as leverage.”
Mei further elaborated on the economic climate, mentioning, “Moreover, we have yet to see the impact of Trump tariffs on the EU, suggesting that market fluctuations may persist over the next few weeks.” He was referring to the various tariffs that were issued or hinted at by Trump against Canada, Mexico, the EU, and China last week.
The upcoming U.S. Non-Farm Payrolls (NFP) report, which provides key insights into job creation, unemployment rates, and wage changes, is anticipated to influence market trends significantly. Strong job growth could raise concerns about inflation and prompt the Federal Reserve to consider increasing interest rates, while weak data might indicate economic slowdown, leading to lower rate expectations and affecting currency and bond yields.
Bitcoin’s price is particularly sensitive to this data, as shifts in risk sentiment, liquidity, and the value of the dollar can significantly impact its valuation. Positive payroll figures could bolster Bitcoin—and the broader cryptocurrency market—if they foster a risk-on sentiment among investors, whereas disappointing numbers could have the opposite effect.
