WASHINGTON (dpa-AFX) - Expectations of a further weakening in the labor market and renewed expectations of a Fed rate cut in July boosted crypto market prices ahead of the release of the monthly jobs report. Easing in trade-related tensions also supported sentiment. Bitcoin touched a 24-hour high of $110k.
Markets now await the monthly labor market data for clues on whether the Fed would ease rates in July itself or continue to adopt a wait-and-watch stance as indicated several times. The Fed has often attuned its monetary policy stance to the evolving situation in the labor market and inflationary front. The Fed would be closely analyzing the widely watched gauge of the American labor market amidst uncertainty surrounding the effects of Trump's tariff agenda on the wider economy.
The U.S. Bureau of Labor Statistics is scheduled to release on Friday morning, the Employment Situation report covering inter alia the additions to non-farm payrolls, unemployment rate, average hourly earnings, participation rate as well as sector wise payrolls. The labor market update serves as an important decision variable for the Federal Reserve which is tasked with the goal of ensuring maximum employment and inflation at the rate of 2 percent over the longer run.
Economists expect additions to non-farm payroll in the month of June to fall to 110 thousand from 139 thousand in the previous month. The unemployment rate is seen rising to 4.3 percent, from the existing level of 4.2 percent. The average hourly earnings, on a month-on-month basis is seen edging down to 0.3 percent from 0.4 percent earlier. On a year-on-year basis, the same is seen steady at 3.9 percent.
Ahead of the job market update, rate cut expectations from the Federal Reserve for the upcoming review on July 30 portend a pause. The CME FedWatch tool currently shows a probability of only 25.3 percent for a Fed rate cut in July. However, in September, markets overwhelmingly expect a rate cut and only a 4.9-percent probability is assigned for a status quo on rates.
Overall crypto market capitalization has increased 2.4 percent in the past 24 hours. It is currently at $3.39 trillion. The 24-hour trading volume has increased more than 32 percent overnight to $134 billion.
Bitcoin rallied 1.78 percent overnight to trade at $109,695. It is currently trading 2 percent below the all-time-high of $111,970 recorded on May 22. The original cryptocurrency traded between $110,294 and $107,225 during the past 24 hours.
The leading cryptocurrency with an overall market share of 64.4 percent is trading with gains of 2.3 percent over the 7-day horizon and 4.2 percent over the 30-day horizon. Year-to-date gains are at 17.5 percent.
Inflows to Bitcoin-based Spot ETF products in the U.S. recorded $408 million on Thursday versus outflows of $342 million a day earlier. Fidelity Wise Origin Bitcoin Fund (FBTC) topped with inflows of $184 million.
Ethereum rallied 5.6 percent overnight to trade at $2,617. Ether has added 6.1 percent in the past week. Losses in 2025 have fallen to a little more than 22 percent. Ether's current trading price is 47 percent below its all-time-high. The 24-hour trading range was between $2,617 and $2,433.
Ethereum-based Spot ETF products witnessed outflows of $2 million on Wednesday versus inflows of $41 million a day earlier.
4th ranked XRP surged 4.7 percent overnight to trade at $2.29, around 40 percent below the all-time high. 5th ranked BNB gained 0.7 percent overnight at its current trading price of $662. The price of 6th ranked Solana rallied 3.8 percent overnight to $155. 8th ranked TRON gained 0.89 percent overnight and is currently changing hands at $0.2841. 9th ranked Dogecoin jumped 7.7 percent overnight to trade at $0.1740. 10th ranked Cardano also surged 7.9 percent overnight to trade at $0.6040.
59th ranked Bonk (BONK) topped overnight gains among the top 100 cryptocurrencies with a gain of 16.7 percent. 61st ranked Fartcoin (FARTCOIN) followed with gains of 15.7 percent. 75th ranked dogwifhat (WIF) also surged more than 14 percent. The gains helped meme-category cryptocurrencies surge more than 7.5 percent during the past 24 hours.
67th ranked Four (FORM) topped overnight losses among the top 100 cryptocurrencies with a decline of 3.5 percent. 99th ranked Maple Finance (SYRUP) followed with losses of 1.1 percent. FORM and SYRUP are the only cryptocurrencies among the top 100 to trade with losses of more than a percent in the past 24 hours.
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