Richly Valued Bitcoin Extends Decline After Positive Jobs Data
Bitcoin prices dropped Friday, tracking declines in the US indexes after new data indicated a stronger economic recovery and an auction of seven-year bonds met with lukewarm demand from investors.
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Almost two thirds of respondents who quit their jobs after making life-changing gains from crypto had a total income of less than $50,000. Data suggests that some low-paid members of the workforce are quitting their jobs after making life-changing crypto gains. Analytics firm Civic Science posted survey results (weighted according to U.S. census data) on Nov. 1, which shows that 4% of 6741 respondents aged 18 and over had quit their jobs in the past year due to “financial freedom” earned by investing in crypto assets. Civic then cross-referenced the 4% figure with data from 1,201....
On-chain data shows the Bitcoin funding rate is still at a relatively high positive value, suggesting that the crypto might see more decline in the near term. Bitcoin Funding Rate Has Been At A Positive Value During The Last Few Days As pointed out by an analyst in a CryptoQuant post, the current funding rate suggests that the price is in a new decline right now. The “funding rate” is an indicator that measures the periodic fee that traders in the Bitcoin futures market have to pay each other. When the value of this metric is above zero, it means long traders are currently....
Bitcoin price extended its decline below the $33,000 support zone against the US Dollar. BTC is currently recovering and it must stay above $30,000 to avoid a larger decline. Bitcoin extended its decline below the $33,500 and $33,000 support levels. The price is currently well below $35,000 and the 100 hourly simple moving average. There […]
Bitcoin price extended its decline and tested the $53,000 zone against the US Dollar. BTC is correcting higher, but it is facing a lot of hurdles near $55,000 and $56,000. Bitcoin remained in a short-term bearish zone and it extended its decline to $53,000. The price is now trading well below the $56,000 level and […]
There are numerous new types of jobs since the internet first gained popularity. Bitcoin will experience a similar growth trajectory as more jobs are created.