Crypto prices plummet as investors await key data

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Crypto prices plummet as investors await key data

On Thursday, major cryptocurrencies plummeted as investors eagerly awaited crucial jobs data, which could potentially influence the direction of interest rates.

Weekly initial jobless claims for the week ending September 30 were at 207,000, a marginal increase of 2,000 compared to the previous week. The Dow Jones forecasted 210,000 more, compared with the forecasted 210,000 by economists. While the increase in jobless claims met market expectations, some investors were disappointed as they were hoping for clearer signs of a labor market breakdown, possibly bringing an end to the rates that are negatively impacting stocks.

The trial of Sam Bankman-Fried, founder of the defunct cryptocurrency exchange FTX, is currently ongoing. He will be arraigned by a jury of 12 individuals who are expected to determine his fate. Wednesday's court action focused mainly on opening statements and the testimony of the first two witnesses, according to TechCrunch. Bankman-Fried was seen in his courtroom with a gray suit and purple tie, engrossing in his laptop or engaged in discussions with his chief attorney, Mark Cohen.

The jury, consisting of nine females and three men aged between 33 and 69, has decided the outcome of Bankman-Fried's case, which involves charges related to fraud and money laundering.

At Benzinga's exclusive event, the Future of Digital Assets, meet and engage with transformative Digital Asset and Crypto business leaders and investors. The global crypto market has a value of $1.09 trillion, an increase of 0.69% in the last 24 hours.

The S&P 500 was down 0.13%, ending at 4,258.19, while the Nasdaq Composite was down 0.12%, ending at 13,219.83.

What is the best cryptocurrency scanner?

Crypto analyst Michael Van de Poppe believes Bitcoin is well-prepared to reclaim the $29,000-30,000 range and set its sights on new heights.

A bearish flag pattern appears in the realm of the king crypto, said Ali Martinez, a crypto trader.

Technical analysis uses bearish flag patterns to predict sudden downward movements. Typically, they form when the price consolidates upward following a significant downtrend, yet fails to break through a crucial support level.

Santiment's datareveals that Bitcoin's mid-to-large-sized wallets have been actively accumulating cryptocurrency, with an impressive increase of 71,155 BTC in just the past 6 weeks. The collective holdings of these addresses are now within a strikingly close range of 90,000 BTC from the 15.29 million Bitcoin they held back in November 2021.

Join Benzinga's fintech Deal Day & Awards on Nov. 13 and Future of Digital Assets on Nov. 14 in New York City to stay updated on trends like AI, regulations, SEC actions and institutional adoption in the crypto space. Jim Cramer opposes using Binance, Provoking strong reactions from Twitter users.