NON FARM PAYROLL CAUSES GREAT WILDFIRE AT LOS ANGELES AND CALIFORNIA
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NON FARM PAYROLL CAUSES GREAT WILDFIRE AT LOS ANGELES AND CALIFORNIAThe crypto market collapsed on Friday (1/10/2025) both Bitcoin and Ethereum and other altcoins amid pessimism about interest rate cuts in the US in 2025.
Referring to CoinMarketCap on Friday (1/10/2025) at 06:15 WIB, the crypto market collapsed. Bitcoin fell 2.67% to US$92,448 and was in the negative zone of 4.45% on a weekly basis.Ethereum depreciated 2.9% in the last 24 hours and weakened 6.24% in a week. XRP corrected 4.2% daily and if viewed in the last week it was seen to have fallen 4.65%. So too with Solana which slipped 5.72% in the last 24 hours and in the last seven days fell 9.69%.
The CoinDesk Market Index (CMI), an index to measure the market capitalization-weighted performance of the digital asset market, fell 3.09% to 3,456.23. Open interest depreciated 3.51% to US$126.02 billion.
Meanwhile, the fear & greed index reported by coinmarketcap.com showed a figure of 49, indicating that the market is in a neutral phase with the current economic and crypto industry conditions.
Quoted from coindesk.com, investors withdrew a large amount of funds from US-listed Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) on Wednesday as macroeconomic uncertainty hung over the cryptocurrency price outlook.
Eleven Bitcoin ETFs recorded a combined net outflow of US$588 million, recording the second-largest total since the alternative investment vehicle began trading a year ago, according to data from Farside Investors. This large outflow nearly reached the record largest withdrawal of US$680 million on December 19.
Meanwhile, Ethereum ETFs also recorded a combined net outflow of $159 million.
The large outflow coincides with renewed inflation concerns in the US, which have triggered volatility in the bond market and lowered the price of risk assets. In the past three days, Bitcoin prices have fallen almost 8.5%, marking another failure by bulls to hold above the $100,000 mark.
The minutes of the US central bank's Dec. 18 meeting released Wednesday showed that officials believed the central bank was approaching a point where it was necessary to slow the pace of policy easing. The minutes also expressed concerns about the inflationary impact of President-elect Donald Trump's policies.
However, some analysts remain optimistic, expecting a rebound after Friday's nonfarm payrolls report.
"Friday's US employment report is highly anticipated by investors, as it will provide important insights into the health of the US economy. We expect limited volatility ahead of the weekend and recommend maintaining high exposure to digital assets, with a preference for Bitcoin over Ethereum," Valentin Fournier, an analyst at BRN, said in an email.
On the same day, there were major fires in Los Angeles and California.
Los Angeles, California, United States, was like hell after fires engulfed thousands of homes and forced hundreds of thousands of people to evacuate.
Strong Santa Ana winds on Tuesday (7/1) blew fire from the Palisade area which was experiencing a fire. The fire then spread to other areas, including Eaton, Hurst, and Hollywood Hills.
The Pacific Palisades area is an elite area where various top celebrities live. Hollywood Hills itself is the location of the Academy Awards.
Stars whose homes were affected include Paris Hilton, Billy Crystal, Cameron Mathison, Jamie Lee Curtis, and Mandy Moore.
According to reports, Santa Ana winds hit Los Angeles at 60 mph on Tuesday. The wind intensity then increased to 70 miles per hour in the early hours of Wednesday (8/1).
This hilly area is burning, one of the reasons being the reduced rainfall since October 2024. This has caused the US region to dry out, triggering hotspots.
At least 10 people have died as a result of the major fire. More than 200 thousand people were ordered to evacuate their homes.
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