Bitcoin trades near $76K, Ethereum at $2,240 as tech selloff, strong US jobs data weigh on crypto markets - The Economic Times
Bitcoin traded near $76,000 and Ethereum near $2,240 as falling tech shares and strong US jobs data weighed on crypto markets.
Bitcoin traded near $76,000 and Ethereum near $2,240 as falling tech shares, concerns over AI and data-center spending, and uncertainty around U.S. crypto legislation weighed on crypto markets. The cryptocurrency was trading at $76,036 mark and Ethereum was at $2,244 mark.
Market Performance
In the past 24 hours, Bitcoin and Ethereum were up 0.6% and 0.8% respectively. Among the major altcoins, BNB, Solana, Hyperliquid, Dogecoin, and Cardano gained up to 1.8% whereas XRP and Tron corrected 1.3% and 0.1% respectively. The global crypto market capitalisation went up 0.4% to $2.64 trillion.
Over the last week, Bitcoin was down 1.7% and Ethereum was flat. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin, Hyperliquid and Cardano corrected up to 10.9%.
Economic Factors
The October U.S. jobs report showed 165,000 jobs added, above the roughly 65,000 forecast. Unemployment was 4.1%, and wages rose 0.4% month over month, which may reduce expectations for near-term rate cuts. ETF outflows slowed Friday, with U.S. spot Bitcoin funds seeing $51.7 million in outflows and Ether funds $1.9 million.
Sentiment swung back into fear, with the Fear & Greed Index dropping from 50 to 28 and total crypto market capitalisation slipping to about $2.6 trillion. US spot Bitcoin ETFs saw heavy selling after the Binance incident.
Technical Outlook
Holding support may bring consolidation, reclaiming resistance would support a recovery, according to Sehgal. BTC is now about 40% below its all-time high of around $126,000 set in early October 2025 and trades just above the $75,000 support, which is also the area of the September low.
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