Bitcoin, Ethereum, Dogecoin Drop As Labor Market Remains Tight: Analyst Says Explosive King Crypto Rally Could Follow If SEC Approves Spot ETF

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Major cryptocurrencies traded in the red on Thursday evening following the release of theU.S. ADP private employment report What Happened: The U.S. job market has been tight for a very long time and continues to show no indications of cooling down. The ADP report delivered a significant surprise to the market, revealing an addition of 497,000 private-sector jobs in June. This figure surpassed the consensus forecast of 220,000 by more than double. In contrast, the Labor Department’s report indicated slight labor market weakness as it showed an increase in first-time filings for jobless claims t…

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