Cardano (ADA) and Dogecoin (DOGE) Fall 4% as Traders Await U.S. Payrolls Report

Cardano (ADA) and Dogecoin (DOGE) saw a 4% drop in the past 24 hours, leading the declines among major cryptocurrencies as traders stay on the sidelines, awaiting the U.S. payrolls data before making further moves.

Bitcoin (BTC) traded just above $97,300 during the European morning on Friday, showing a 1.7% decline over the previous day. The CoinDesk 20 (CD20), which tracks the largest digital assets by market cap, saw a 2.3% drop as well.

“Bitcoin couldn’t reclaim the $99K resistance level overnight, triggering a broad sell-off and pushing BTC down to a new low of $95.6K,” stated QCP Capital in a Telegram update. “With three consecutive days of losses, the overall crypto outlook is uncertain.”

Ether (ETH) fell 2%, while XRP showed some resilience, declining just 1.1% following Thursday’s brief sell-off. Solana (SOL) managed a slight gain of 0.2%, with VanEck forecasting the token could reach $520 by the end of 2025.

Traders are bracing for continued market fluctuations next week due to a variety of global economic factors.

“It’s been a volatile week with China demonstrating it has several options to influence the market in response to new tariff policies,” said Jeff Mei, COO of BTSE, in a Telegram message to CoinDesk. “They seem to have a wide array of tools they can use as leverage.”

Mei also noted the potential impact of Trump-era tariffs affecting regions such as the EU, Canada, and Mexico. “With the full effects of Trump tariffs still to be seen in the EU, market fluctuations are likely to continue,” Mei added.

The upcoming Non-Farm Payrolls (NFP) report is closely watched as it reveals key data on job creation, unemployment, and wage growth in the U.S. This data is crucial for market expectations around future Federal Reserve interest rate decisions.

A strong NFP report could fuel inflation concerns, leading to expectations of interest rate hikes, while weaker data might signal economic slowdown, resulting in lower interest rate expectations. This could also impact bond yields and the value of the dollar.

Bitcoin’s price typically responds to these shifts, reacting to changes in risk sentiment, liquidity, and the dollar’s strength. Positive payrolls data could trigger a risk-on environment, supporting Bitcoin and the broader crypto market, while weak data may have the opposite effect.