Cardano’s ADA, DOGE Fall 4% as Bitcoin Traders Look to Upcoming Payroll Reports

Cardano (ADA) and Dogecoin (DOGE) Drop 4% as Market Awaits U.S. Payrolls Data

Cardano (ADA) and Dogecoin (DOGE) have both seen a 4% decline over the past 24 hours, leading losses among the top cryptocurrencies as traders remain cautious ahead of the U.S. payrolls report, which could influence further market moves.

Bitcoin (BTC) was trading just above $97,300 in the European morning hours on Friday, down 1.7% from the previous day. The broader CoinDesk 20 index, which tracks the largest liquid tokens by market cap, experienced a 2.3% drop.

“Bitcoin struggled to break through the $99K resistance level overnight, which triggered a market-wide selloff and led BTC to reach a new daily low of $95.6K,” said QCP Capital, a Singapore-based trading firm, in a Telegram message. “With a three-day decline, the crypto market’s outlook remains uncertain.”

Ether (ETH) dropped 2%, while XRP showed relatively less volatility, slipping just 1.1% after a brief sell-off on Thursday. Solana (SOL) managed to gain 0.2%, with VanEck projecting the token to reach $520 by the end of 2025.

Traders are anticipating continued volatility next week due to broader global factors.

“This week’s been especially turbulent, with China indicating it has multiple measures it can deploy against new tariff policies,” said Jeff Mei, COO of BTSE. “They’ve shown they can use a range of leverage options to influence the market.”

Mei also pointed to the unresolved Trump tariffs affecting the EU, China, Canada, and Mexico. “Until the tariffs hit the EU, expect ongoing market fluctuations,” Mei added.

The Non-Farm Payrolls (NFP) report, scheduled for release soon, will provide critical data on job creation, the unemployment rate, and wage growth in the U.S. This report has significant implications for expectations surrounding Federal Reserve interest rate decisions.

Stronger job growth could stoke inflation fears and lead to expectations for interest rate hikes, while weaker data might suggest an economic slowdown, leading to reduced expectations for rate increases and potentially affecting bond yields and currencies.

Bitcoin’s price typically reacts to changes in market risk sentiment, liquidity, and the U.S. dollar’s value. Positive payroll data could spark a “risk-on” mood, supporting Bitcoin and other cryptocurrencies, while weaker data might have the opposite effect and suppress prices.