Bitcoin, Ethereum, Dogecoin Trade Mixed As Investors Weigh Jobs Data: Analyst Sounds Alarm On ETH, Anticipates Drop Below $500-Mark

Major coins traded mixed on Tuesday evening, driven by the latest chapter in banking unrest and the release of cooler-than-expected jobs data.

Cryptocurrency	Gains +/-	Price (Recorded 9:30 p.m. EST)
Bitcoin BTC/USD	+1.79%	$28,574
Ethereum ETH/USD	+1.76%	$1,865
Dogecoin DOGE/USD	-0.13%	$0.078

What Happened: Bitcoin gained momentum on Tuesday during U.S. trading hours as investors renewed their interest in cryptocurrencies and other value-holding assets.

At the time of writing, the global crypto market capitalization stood at $1.18 trillion, an increase of 1.18% over the last day. 

The US stock market headed south during Tuesday’s closing, with the S&P 500 trading down 1.1% and tech-heavy Nasdaq Composite dropping by roughly 1%.

The latest report from the Labor Department reveals that U.S. job openings declined for the third consecutive month in March, while layoffs surged to their highest level in over two years. The job market continues to remain competitive, with only 1.6 job openings available for each unemployed person in March, the lowest since October 2021.

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Analyst Notes: “Bitcoin is back as banking jitters quickly return. Bitcoin is up 3% on the day, but still seems capped by the $30,000 level.​ Today's banking turmoil was somewhat expected to happen over the coming months, not the following day from a massive bank rescue.​ Bitcoin is becoming appealing again given how bad financials are getting hit,” said Edward Moya, senior market analyst at OANDA.

Cryptocurrency analyst Michael Van de Poppe weighs in on the latest trends of Bitcoin, stating that while it’s a good move, the direction still remains uncertain. Van de Poppe asserts that if Bitcoin reaches $29,200 before the FOMC meeting, there is a good chance we’ll start seeing an upward trend. However, if this doesn’t happen, we may be stuck in the same downward trajectory for now. 

Van de Poppe also offers insight on altcoins, stating that they are not performing well in the current market, but there may still be hope for recovery after the FOMC meeting.

Good move, still uncertain on direction.

If #Bitcoin goes to $29,200 pre-FOMC, I'm sure we'll start breaking upwards after.

Otherwise, I think we'll still have this scenario play out.#Altcoins -> ultra bad. Not the market right now, perhaps strength comes back after FOMC. pic.twitter.com/X8PaddG2rF

— Michaël van de Poppe (@CryptoMichNL) May 2, 2023

Justin Bennett warns his 112,400 Twitter followers of a potential downfall in the leading smart contract platform’s value. According to him, ETH’s price, which currently hovers at $1,862, could drop by more than 78%.

“Imagine if the last 10 months have been nothing more than mid-trend consolidation for ETH. Few believed this scenario last year, and fewer believe it now. Not saying it will happen, but don't rule it out."

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