Traders are eyeing Friday’s employment report for clues on how it may shape the Federal Reserve’s monetary policy decisions later this month.
Bitcoin (BTC) held steady at around $112,000, while most major altcoins remained flat in the early morning trade on Friday, ahead of the highly anticipated jobs report.
Bitcoin’s price rose 1.4% over the past 24 hours. On Stocktwits, retail sentiment around Bitcoin remained in ‘bearish’ territory over the past day. Ethereum (ETH), Ripple’s native token (XRP), and meme token Dogecoin (DOGE) barely moved. Meanwhile, Solana (SOL) was down 1% and Tron (TRX) dipped 0.8%. Cardano (ADA) was the only altcoin firmly in the green, rising 1.1% in the last 24 hours.
Friday’s job report is expected to provide clues on whether or not an interest rate cut will be on the cards when the Federal Reserve meets later this month. The central bank has been under pressure to cut interest rates, and if Friday’s jobs numbers are weaker than expected, it would signal a slowing labor market. According to the CME Group’s Fed Watch tool, there is a 99.7% probability that the Fed will lower interest rates by 25 basis points during the September meeting.
The overall cryptocurrency market increased by 0.9% over the last 24 hours, valued at around $3.95 trillion at the time of writing. Crypto futures bets saw around $264 million in liquidations over the past 24 hours, according to Coinglass data. Long liquidations were around $162 million, and short bets totaled $101 million.
Meanwhile, crypto-linked equities saw their shares rise in pre-market trade on Friday. The largest corporate holder of Bitcoin, Strategy (MSTR), gained 2.25%. The largest publicly traded company with Ethereum on its balance sheet, Bitmine Immersive Technologies (BMNR), was up 2.3%. Crypto exchange Coinbase (COIN) gained 1.5%.
Bitcoin miners like Marathon Holdings (MARA) and Riot Platforms (RIOT) also moved higher. MARA’s stock gained 1.6%, while RIOT’s stock rose 1.8%.
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