Bitcoin trades near $76K, Ethereum at $2,240 as tech selloff, strong US jobs data weigh on crypto markets

Bitcoin hovered around $76,000 and Ethereum near $2,240 as falling tech shares, apprehensions over AI and data-center expenditures, and uncertainty surrounding U.S. crypto regulations impacted crypto markets. Presently, Bitcoin is trading at $76,036 and Ethereum at $2,244. Over the past 24 hours, both Bitcoin and Ethereum experienced a 0.6% and 0.8% increase respectively. Among major altcoins, BNB, Solana, Hyperliquid, Dogecoin, and Cardano gained up to 1.8%, while XRP and Tron declined by 1.3% and 0.1% respectively.

Riya Sehgal, a Research Analyst at Delta Exchange, stated that the U.S. October jobs report revealed 165,000 jobs added, surpassing the estimated 65,000. Unemployment stood at 4.1%, and wages rose by 0.4% month-over-month, potentially reducing expectations for imminent rate cuts. Sehgal further mentioned that ETF outflows decelerated on Friday, with U.S. spot Bitcoin funds experiencing $51.7 million in outflows and Ether funds $1.9 million, compared to the previous day's $430 million and $100 million, respectively.

The global crypto market capitalization rose by 0.4% to $2.64 trillion, according to Coingecko data. Over the past week, Bitcoin dropped 1.7% and Ethereum remained flat. Major altcoins like BNB, XRP, Solana, Tron, Dogecoin, Hyperliquid, and Cardano slid up to 10.9%. Harish Vatnani, Country Head - India at ZebPay, noted that the crypto market faced pressure due to the aftermath of the Binance security incident, substantial ETF outflows, and a significant sell-off in U.S. technology stocks, which outweighed a brief post-election rally.

He added that sentiment turned fearful, with the Fear & Greed Index falling from 50 to 28, and the total crypto market capitalization dwindling to approximately $2.6 trillion. ETF demand has not been sufficient to counterbalance the sell-off, and profit-taking after the election rally has pushed risk assets downward.