ADP Data Shock, Crypto Market Bathed in Blood!

<p>&nbsp;"Remind the price of BTC to go up, it's just a trap."</p><p><br /></p><p>Cryptocurrency markets including Bitcoin (BTC) and Ethereum (ETH) suffered as the release of the United States (US) ADP employment data report yesterday showed positive signs for the labor market.</p><p><br /></p><p>It was reported that US private sector employment growth for June exceeded expectations, registering a sharp jump of 497,000, where it exceeded forecasts that the economy would have grown by just 228,000.</p><p><br /></p><p>However, after BTC reached $31,141, its price dropped to $29,711 while ETH was at $1,826 after the ADP report was released.</p><p><br /></p><p><br /></p><p>This is because higher-than-expected US employment data will likely continue to support the Federal Reserve's (Fed) move to raise interest rates higher during the next Federal Open Market Committee (FOMC) meeting. The US NFP report will be watched today.</p><p><br /></p><p>Even so, the Dollar index saw a gain of around 0.3% recovering most of the initial losses shortly after the release of the ADP report.</p><p><br /></p><p>It is widely known that the ADP report developed in collaboration with Stanford's Digital Economy Lab has provided an early look at the labor market before a more comprehensive government report from the Bureau of Labor Statistics is released on Friday.</p><p><br /></p><p>As of this writing, BTC price has plunged by 1.24% to $30,051 in the last 24 hours with a market cap of $583 billion and has recorded a 1.31% decline over the past week.</p><p><br /></p><p>While ETH slipped around 2.96% at $1,845 in the last 24 hours with a trading volume of $9 billion and Ripple (XRP) tumbled 1.55% at $0.48 and down 0.86% in the last seven days.</p>