Cryptos decline on trade worries and US data watch

Cryptocurrencies are trading lower today, influenced by concerns about trade and anticipation of key economic data releases from the United States.

Upcoming data from the U.S. Department of Labor, expected on Thursday, is predicted to show a drop in initial jobless claims. Forecasters expect 235,000 new claims for the week ending May 31, down from 240,000 the previous week.

Monthly data for May, due Friday, is forecast to show 130,000 new non-farm jobs were added, fewer than the 177,000 added in April. The unemployment rate is expected to stay at 4.2 percent.

Ahead of the jobs figures, expectations for the U.S. Federal Reserve to cut interest rates at its June 18 meeting are low. A widely used tracker shows only a 4.4 percent chance of a rate cut in June.

Meanwhile, the European Central Bank is expected to announce a quarter-percentage-point cut to its interest rates following its scheduled review on Thursday. This decision is intended to support economic growth in the European bloc amidst trade uncertainties and decreasing inflation.

Concerns about how trade tariffs affect the U.S. economy are present. The U.S. Dollar Index, which measures the dollar against six other currencies, is trading near 98.75. This compares to 98.79 at the close on Wednesday and 99.23 the day before.

Earlier today, global bond yields eased and gold prices increased. Despite this, the total market value of cryptocurrencies has fallen by around 1.3 percent in the last 24 hours, currently at $3.29 trillion. Trading volume over the same period has decreased by more than 2.5 percent, dropping to $102 billion.

Bitcoin slipped 0.94 percent overnight to trade at $104,757. This price is 6 percent below its highest point ever recorded on May 22, which was $111,970. Over the past 24 hours, Bitcoin traded between $105,837 and $104,232.

The leading cryptocurrency, which holds 63.2 percent of the overall market share, has lost 3.5 percent over the last seven days but has gained 11.2 percent over the last 30 days. Its year-to-date gains stand at 12.2 percent.

Ethereum declined 1.3 percent overnight, trading at $2,604. Ether has dropped 4.6 percent in the past week. Losses in 2025 have fallen to just under 22 percent. Ether’s current price is 47 percent below its all-time high. Its trading range over the past 24 hours was between $2,678 and $2,596.

Inflows into U.S. Bitcoin-based Spot ETF products totaled $87 million on Wednesday, down from $375 million the day prior. One such product, iShares Bitcoin Trust, recorded $284 million in inflows, while another, Fidelity Wise Origin Bitcoin Fund, saw $197 million in outflows.

Ethereum-based Spot ETF products saw $57 million in inflows on Wednesday, compared to $110 million on Tuesday.

Bitcoin is ranked 6th and Ethereum 34th among all assets by market value.

XRP, ranked 4th, fell 2.5 percent overnight to trade at $2.20, which is about 43 percent below its highest price ever.

BNB, ranked 5th, also lost 0.4 percent overnight and is trading at $666.97.

The price of Solana, ranked 6th, decreased by 2.7 percent overnight to $152.71.

Dogecoin, ranked 8th, dropped 3.4 percent overnight, trading at $0.1889. DOGE is currently 74 percent below its record high.

TRON, ranked 9th, edged down 0.16 percent overnight and is trading at $0.2723.

Cardano, ranked 10th, lost 2.76 percent overnight, trading at $0.6792. This price is 78 percent below the cryptocurrency’s all-time high.

Among the top 100 cryptocurrencies, Tether Gold (XAUt), ranked 80th, was the only one to gain a percent or more overnight, rising 1 percent. PAX Gold (PAXG), ranked 82nd, followed with a 0.99 percent gain in the past 24 hours.

Fartcoin (FARTCOIN), ranked 76th, experienced the largest overnight loss among the top 100 cryptocurrencies, plunging by more than 16 percent. Dogwifhat (WIF), ranked 77th, followed with overnight losses of 10.6 percent.