Bitcoin Price and Ethereum Prediction; US ADP Non-Farm Employment Change in Focus
During the Asian session, the price of Bitcoin has remained mostly unchanged, settling in a narrow range of $16,750 to $16,950. Similarly, Ethereum, the second-largest cryptocurrency, failed to hold above $1,260 and fell back into the $1,250 trading range.
Major cryptocurrencies were trading in the red early on January 5, despite the fact that the global crypto market cap increased 1.21% to $820.08 billion on the previous day.
Over the last 24 hours, overall crypto market volume grew by 30.28% to $35.35 billion. DeFi's total volume is currently $2.19 billion, accounting for 6.18% of the overall crypto market 24-hour volume. The overall volume of all stablecoins is now $32.90 billion, accounting for 93.07% of the total 24-hour volume of the crypto market.
Minutes from the Federal Reserve's December meeting, released on Wednesday, show that policymakers there remain dedicated to combating inflation and anticipate that higher interest rates will remain in place until more progress is made.
Policymakers hiked their benchmark interest rate by another half of a percentage point at a meeting and stressed the need to maintain a tight stance as long as inflation remains unacceptably high.
Later today, the Automatic Data Processing, Inc. will be publishing a monthly economic indicator. It's usually published two days before the NFP Report and forecasts the change in nonfarm private sector employment in the United States, excluding the government sector.
In November 2022, private enterprises in the United States produced 127K jobs, the fewest since January 2021 and far below market expectations of 200K. Meanwhile, annual compensation increased by 7.6%.
"According to the data, Fed tightening is having an effect on job creation and wage
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