WASHINGTON (dpa-AFX) - Renewed Fed rate cut hopes triggered by the lower-than-expected jobs data from the U.S. dragged down the dollar and boosted the prices of cryptocurrencies. Renewed hopes of a strategic Bitcoin Reserve also supported sentiment.
In data released on Friday morning, the U.S. Bureau of Labor Statistics showed an addition of 73 thousand to non-farm payrolls in the month of July, versus 110 thousand that the markets had expected. This compared with the previous month's revised reading of 14 thousand. The unemployment rate increased on expected lines to 4.2 percent from 4.1 percent in the previous month. The weak jobs data dampened sentiment towards the greenback.
The weaker-than-expected jobs data from the U.S. has increased the likelihood of a rate cut by the Fed. The CME FedWatch tool that tracks the expectations of interest rate traders currently shows expectations of a quarter point rate cut by the Fed in the September FOMC at 87.4 percent. It was 80.3 percent on Friday and 63.1 percent on Monday.
Overall crypto market capitalization has increased 0.9 percent. It is currently at $3.72 trillion. Only four of the top 100 cryptocurrencies are trading with overnight losses of more than 10 percent. The 24-hour trading volume has decreased 13 percent overnight to $113 billion.
Amidst the volatility, Bitcoin's crypto market dominance has decreased to 61.1 percent from 61.7 percent a day earlier. Ethereum now commands 11.6 percent of the overall crypto market versus 11.3 percent a day earlier. The market share of the residual altcoins is currently at 27.4 percent. It was 27 percent a day earlier.
Bitcoin gained 0.49 percent overnight to trade at $114,517.27. It is currently trading 7 percent below the all-time-high of $123,091.61 recorded on July 14. The original cryptocurrency traded between $114,984.20 and $113,609.97 during the past 24 hours. The leading cryptocurrency is trading with losses of 3.6 percent over the 7-day horizon and gains of 5.9 percent over the 30-day horizon. Year-to-date gains are a little less than 23 percent.
Bitcoin is currently ranked in the 7th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
Bitcoin-based Spot ETF products in the U.S. recorded outflows of $812 million on Friday versus $115 million on Thursday. Fidelity Wise Origin Bitcoin Fund (FBTC) topped with outflows of $331 million followed by Ark 21Shares Bitcoin ETF (ARKB) that recorded outflows of $328 million.
Ethereum rallied 2.7 percent overnight to trade at $3,592.50. Ether has lost 6.7 percent in the past week. Gains in 2025 now stand at 7.8 percent. Ether's current trading price is 27 percent below its all-time-high. The 24-hour trading range was between $3,591.51 and $3,456.19.
Ethereum-based Spot ETF products witnessed outflows of $152 million on Friday as compared with inflows of $17 million on Thursday.
Ethereum has maintained the 25th position in the ranking of all assets as per market capitalization published by companiesmarketcap.com.
3rd ranked XRP rallied more than 5 percent overnight to trade at $3.02, around 21 percent below the all-time high.
5th ranked BNB added 1.1 percent overnight at its current trading price of $759.05.
The price of 6th ranked Solana increased 2.1 percent overnight to $164.74.
8th ranked TRON gained 2.1 percent overnight and is currently changing hands at $0.3308. With gains of 2 percent, TRON is the highest-ranking crypto to trade with weekly gains.
9th ranked Dogecoin rallied 2.1 percent overnight to trade at $0.2027. DOGE is currently trading 73 percent below the record high.
10th ranked Cardano also added 2.5 percent overnight to trade at $0.7429. The trading price is 76 percent below the cryptocurrency's all-time high.
84th ranked MemeCore (M) topped overnight gains among the top 100 cryptocurrencies with a gain of 21.2 percent. 40th ranked Mantle (MNT) followed with gains of 9.3 percent.
21st ranked Toncoin (TON) topped overnight losses among the top 100 cryptocurrencies with a decline of 7.2 percent. 54th ranked Story (IP) followed with overnight losses of more than 3 percent.
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