The release of the US Non-Farm Payrolls (NFP) report, a closely watched indicator of the country's economic health, has a significant indirect impact on the cryptocurrency market, according to experts.

The NFP report, published on the first Friday of every month, reflects the number of jobs added or lost in the non-farm and non-government sectors of the United States. While the report does not directly affect cryptocurrencies, its influence is felt through various channels.
"A positive NFP report, showing strong job growth, can boost investor confidence and lead to increased investments in cryptocurrencies," said financial analyst, Emma Daniels. "This is because a healthy economy gives people more disposable income to allocate towards alternative assets like Bitcoin and other digital currencies."
Conversely, a weak NFP report, indicating a slowdown in the labor market, can negatively impact traditional markets, such as stocks and the US dollar. This, in turn, can influence the overall sentiment in the cryptocurrency space, potentially leading to a decline in prices.
"The NFP report provides a clear picture of the state of the US economy," explained crypto analyst, Liam Sharma. "Investors closely monitor this data to gauge the general market mood and make more informed decisions, whether they're trading in traditional or cryptocurrency markets."
By following the NFP report, investors can better understand the potential trends and make more strategic investments in the rapidly evolving cryptocurrency market.
#NFPCryptoImpact

The on-chain lending market has seen a significant surge, with the total active loans surpassing $20 billion, according to recent data from Token Terminal. This marks a new all-time high, surpassing the previous record set in December 2021.

This surge in on-chain lending can be attributed to several factors, including:
Increased adoption of DeFi: The growing popularity of decentralized finance (DeFi) has led to increased demand for on-chain lending platforms.Yield farming: The high yields offered by on-chain lending platforms have attracted yield farmers seeking to maximize their returns.Decentralized exchanges (DEXs): The rise of DEXs has made it easier for users to access on-chain lending platforms.
What is on-chain lending?
On-chain lending is a process of lending and borrowing cryptocurrencies on a blockchain network. This allows users to earn interest on their crypto assets or borrow funds for various purposes, such as trading or investing.
How does on-chain lending work?
On-chain lending platforms typically use smart contracts to facilitate lending and borrowing. Users can deposit their crypto assets into a lending pool, and borrowers can then borrow against these assets. Interest rates are determined algorithmically based on supply and demand.
What are the benefits of on-chain lending?
On-chain lending offers several benefits over traditional lending, including:
Decentralization: On-chain lending platforms are decentralized, which means that they are not subject to the same regulations as traditional banks.Transparency: All transactions on on-chain lending platforms are recorded on a public blockchain, which makes them transparent and auditable.Accessibility: On-chain lending platforms are accessible to anyone with an internet connection, regardless of their location or credit history.Efficiency: On-chain lending platforms are often more efficient than traditional banks, as they can process transactions more quickly and at a lower cost.
What are the risks of on-chain lending?
On-chain lending also carries some risks, including:
Smart contract risks: Smart contracts are still relatively new, and there is a risk that they may contain bugs or vulnerabilities that could be exploited by hackers.Market volatility: The cryptocurrency market is highly volatile, which means that the value of your crypto assets could fluctuate significantly, impacting your loan.Counterparty risk: There is a risk that the borrower may default on their loan, leaving you with a loss.
How can I get started with on-chain lending?
If you are interested in getting started with on-chain lending, there are a number of platforms that you can use. Some of the most popular platforms include Aave, Compound, and MakerDAO.
#OnChainLendingSurge

Bitcoin (BTC) has once again become the center of attention as it experienced a significant dip, falling to the $96,000 range on Wednesday after briefly reaching a high of $102,000. This sharp fluctuation is part of the ongoing volatility in the cryptocurrency market, with other major altcoins such as Ethereum (ETH), Solana (SOL), Ripple (XRP), and Litecoin (LTC) also taking hits.
As of now, the global crypto market cap stands at $3.35 trillion, showing a 24-hour dip of 6.25%. Let’s take a closer look at the reasons behind these movements and how the market is responding.
Bitcoin Price Today: A Roller Coaster Ride
Bitcoin’s price currently sits at $96,197.46, marking a 24-hour loss of 5.53%. Despite the dip, Bitcoin remains a dominant force in the market, with its price fluctuating between highs and lows. In India, BTC is priced at Rs 85.52 lakh.
Analysts have noted that Bitcoin’s recent high of $102,700 coincided with stronger-than-expected U.S. economic data, which led to a rise in U.S. Treasury yields and prompted a wave of profit-booking across the crypto and stock markets.
Ethereum (ETH) and Other Altcoins in the Red
Ethereum, the second-largest cryptocurrency by market capitalization, has also seen a downturn, with its price currently at $3,349.23. This represents an 8.83% loss in the past 24 hours. Ethereum’s price in India stands at Rs 3.16 lakh, showcasing a similar decline. Other popular altcoins, such as Solana (SOL) and Litecoin (LTC), are following suit, reflecting the overall bearish sentiment in the market.
Ripple (XRP) is priced at $2.32, down by 3.91%, while Solana (SOL) is trading at $197.24, down by 8.75%. The decline across multiple major cryptocurrencies demonstrates the current uncertainty in the crypto market.
Top Crypto Gainers and Losers
Despite the overall market decline, certain cryptocurrencies are defying the trend and seeing notable gains. Bitget Token (BGB) has emerged as one of the top gainers, rising by 2.50% in the last 24 hours. Other top gainers include Injective (INJ), which saw an 11.24% increase, and Filecoin (FIL), up by 10.17%.
On the other hand, Hyperliquid (HYPE) has suffered the biggest loss, with a 16.25% drop in the past day. Other notable losers include Celestia (TIA), Pudgy Penguins (PENGU), and dYdX (DYDX), each experiencing double-digit losses.
What Is Driving the Market’s Current Volatility?
Several factors have contributed to the current market fluctuations:
U.S. Economic Data and Interest Rates: Strong economic data from the U.S. has led to higher U.S. Treasury yields, diminishing hopes for aggressive rate cuts by the Federal Reserve. This has led to profit-taking across the markets, including in cryptocurrency.Profit-Booking by Investors: After Bitcoin briefly surpassed the $100,000 mark, many investors opted to lock in their profits, triggering a pullback in the market.Market Liquidations: The volatile nature of the crypto market has resulted in massive liquidations. More than $600 million worth of crypto positions were liquidated in a single day, showcasing the risks associated with over-leveraged positions in such an erratic market.
Analyst Opinions on the Market
Experts are providing mixed outlooks for Bitcoin and the crypto market. Mudrex co-founder Edul Patel suggests that Bitcoin is stabilizing around the $97,000 mark, with strong institutional interest, including purchases by MicroStrategy. Patel mentions that Bitcoin’s support is currently around $94,500, with resistance at $98,600.
Meanwhile, CoinSwitch’s Markets Desk notes that the recent market dip can be attributed to the stronger-than-expected U.S. economic data. Analysts at Pi42 believe that if Bitcoin fails to hold above the $94,500 support, it could experience further declines, with key support levels at $90,000 and $87,000.
Shivam Thakral, CEO of BuyUcoin, also echoes a similar sentiment, pointing to the impact of the U.S. economic data and the delays in rate cuts as key factors behind the market’s downturn. However, he remains optimistic about the long-term outlook for cryptocurrencies.
Market Outlook and Key Support Levels
As the market continues to experience turbulence, investors are closely watching Bitcoin’s price to see if it can hold above the $94,500 support level. If this level holds, there may be potential for a rebound. However, if Bitcoin falls below this threshold, it could signal further declines, with the next support zones at $90,000 and $87,000.
Ethereum and other altcoins are also experiencing similar price pressure, with the market as a whole facing significant volatility. Investors are advised to remain cautious, as sentiment can shift rapidly, especially in such a speculative environment.
As always, the cryptocurrency market remains unpredictable, and while the current downturn may seem discouraging, the long-term outlook for digital assets remains a topic of considerable debate and interest.

#CryptoMarketDip

➡️ #Binance has now reached 250 million registered users, a major leap from 200 million in June 2024
➡️ With 50 million new users added in just seven months, it is accelerating toward its 1 billion user target.