Most cryptocurrencies fell on Wednesday amid mounting global tensions on tariffs and latest US economic data. 

ADP data showed the US private sector added 27 thousand new jobs in May, the lowest since March 2023, and sharply below the 110 thousand expected by analysts.

US President Trump commented on the data by calling on Fes Chair Jerome Powell once more to cut interest rates, noting that Europe cut interest rates nine times so far.

It comes ahead of the crucial payrolls report on Friday, expected to show the addition of 125 thousand new jobs in May.

Other data from the ISM shows the services PMI down to 49.9 in May from 51.6 in April, while analysts expected 52.

The Trump administration specified Wednesday as the deadline for best offers by other countries on the trade deals, and it’s the same day that the US implemented 50% tariffs on steel and aluminum. 

The White House also expects Trump to conduct a phone call with his Chinese counterpart this week after both sides traded accusations of violating the Geneva trade agreement. 

Ripple

On trading, Ripple fell 2.9% as of 21:00 GMT on Coinmarketcap to $2.20.

Gold prices rose on Wednesday as the dollar fell against most major rivals following US labor data and trade developments. 

ADP data showed the US private sector added 27 thousand new jobs in May, the lowest since March 2023, and sharply below the 110 thousand expected by analysts.

US President Trump commented on the data by calling on Fes Chair Jerome Powell once more to cut interest rates, noting that Europe cut interest rates nine times so far.

It comes ahead of the crucial payrolls report on Friday, expected to show the addition of 125 thousand new jobs in May.

Other data from the ISM shows the services PMI down to 49.9 in May from 51.6 in April, while analysts expected 52.

The Trump administration specified Wednesday as the deadline for best offers by other countries on the trade deals, and it’s the same day that the US implemented 50% tariffs on steel and aluminum. 

The White House also expects Trump to conduct a phone call with his Chinese counterpart this week after both sides traded accusations of violating the Geneva trade agreement. 

Otherwise, the dollar index fell 0.5% as of 19:30 GMT to 98.7, with a session-high at 99.3, and a low at 98.6.

Gold spot prices rose 0.8% as of 19:30 GMT to $3404 an ounce.

Most US stock indices gained ground today as investors assess latesr data and trade developments.

ADP data showed the US private sector added 27 thousand new jobs in May, the lowest since March 2023, and sharply below the 110 thousand expected by analysts.

US President Trump commented on the data by calling on Fes Chair Jerome Powell once more to cut interest rates, noting that Europe cut interest rates nine times so far.

It comes ahead of the crucial payrolls report on Friday, expected to show the addition of 125 thousand new jobs in May.

On trading, Dow Jones rose 0.1% as of 15:44 GMT to 42552 points, while S&P 500 rose 0.2% to 5980 points, as NASDAQ added 0.2%.

Bitcoin was little changed on Wednesday amid a weak risk appetite with uncertainty on US tariffs and their economic impact.

The world’s most valuable cryptocurrency didn’t gain any support after Trump’s Truth Social platform listed a bitcoin ETF in US markets. 

Trump is scheduled to talk to Chinese President Xi Jinping this week on the phone after both countries traded accusations of violating the trade agreement reached in Geneva. 

But optimism about this phone talk dissipated as the US announced double the tariffs on steel and aluminum imports, rattling the markets even further.

Bitcoin last traded at $105,518 as of 05:17 GMT.

ETF from Truth Social 

The New York Exchange presented a request to list the instant bitcoin Exchange trade fund, owned by Trump’s Truth Social platform. 

The new fund will follow bitcoin’s price directly and will join a series of similar products provided to investors as an easy method to reach and trade bitcoin.

Bitcoin’s ETF surged since their first launch in 2024, with nearly $44.4 billion pouring into them so far according to SoSoValue data.

The Trump Media Organization recently announced a campaign to collect $3 billion to purchase more cryptocurrencies as a strategic reserve. 

Crypto Performance Today

Cryptocurrencies were on the calmer side today, with ethereum up 0.5% to $2626, while ripple rose 1.9% to $2.2445.

Cardano fell 0.3%, while solana shed 2%, as polygon added 0.2%.

As for meme currencies, dogecoin fell 0.3%, while $Trump fell 1.1%.

Bitcoin Faces Strong Resistance 

Bitcoin fell below the resistance of $106,406 last week before recouped some lost ground this week. 

The price is facing the same resistance once more today, and failure to breach it could send the price to test the support of $100,000.

However, a breach could very well send the price towards the recent historic high near $112,000 for a retest.