Cryptocurrency markets extended their sell-off early Tuesday, with Ethereum falling below $3,000 after falling nearly 6% in 24 hours.
The majority of cryptocurrencies were trading in the red at the time of writing, with $667 million of leveraged positions liquidated across the market in the past 24 hours, according to data from CoinGlass. In the past 24 hours, Ethereum liquidated more than Bitcoin, hitting $246 million, compared to Bitcoin’s $206 million.
The recently released jobs report, which had been delayed due to the government shutdown, showed net losses for the past two months. A total of 64,000 jobs were added in November, while the unemployment rate rose to 4.6%, compared to the expected 4.4%, the highest level in four years. In October, the number of employees decreased by 105,000, compared to an increase of 119,000 in September.
U.S. Spot Bitcoin and Ethereum exchange-traded funds recorded a combined net outflow of $582 million on Monday, the largest since November 20, as crypto markets fell. According to data from Farside, the Ethereum ETF lost $224.8 million in withdrawals on its third day.
Ethereum price fluctuations
At the time of writing, ETH had fallen 6.93% in the past 24 hours to $2,918, and was down 6.36% for the week. Ethereum has been in a steady decline since its high of $3,477 on December 10th, with losses in five of the six days since then, including today.
Recent news that JPMorgan Chase has launched the first tokenized money market fund on Ethereum failed to boost prices as Ethereum fell to a low of $2,874 on Tuesday.
JPMorgan Chase & Co. is launching the first tokenized money market fund on Ethereum, My On-Chain Net Yield Fund (MONY), with an initial investment of $100 million, and crypto tycoon Tom Lee says the move is bullish for ETH.
The $4 trillion US bank will join financial giants such as BlackRock, Franklin Templeton, and Fidelity that have launched tokenized money market funds on-chain.
what to see
This week’s key event is the release of the Consumer Price Index report for November on Thursday, which is expected to show that overall inflation has risen to 3.1% year-on-year. Also on Thursday will be the latest weekly statistics on the number of new applicants for unemployment benefits.
Investors are pricing in a 75% chance that the Federal Reserve will keep interest rates unchanged at its January meeting in response to the current market uncertainty.