Bitcoin Price Falls. Where to Find the Next Crypto Catalyst. — Barrons.com

By Elsa Ohlen

Bitcoin and other cryptocurrencies fell early Thursday as positive news for the industry failed to lift crypto prices.

JPMorgan is planning to start to accept clients using crypto-linked assets as collateral for loans, according to a Bloomberg report. Meanwhile, the stablecoin issuer Circle on Wednesday priced its initial public offering above the originally expected price, indicating strong demand.

Still, Bitcoin fell 0.8% over the last 24 hours to $104,667, according to CoinDesk data. Ether fell 0.6%, XRP fell 2.5% and Solana dropped 3%.

Some analysts attribute prices edging down over the past few days to profit-taking. Bitcoin hit an all-time high of nearly $112,000 in May. Since then, it has been slowly sliding, however remaining above the psychologically important $100,000 level.

Cryptos typically respond to macro factors like various economic data, interest rates and trade policy as they are typically viewed as risk-assets.

On Friday, the May jobs report is expected to show a slowdown in job growth, with economists expecting 130,000 nonfarm payrolls added, according to FacSet, down from April's 177,000.

A softer-than-expected report could reinforce the disinflation narrative, Bitfinex analysts note. It could prompt the Federal Reserve to cut interest rates sooner, which is typically a bullish sign for risk assets like cryptos.

Write to Elsa Ohlen at elsa.ohlen@barrons.com

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