Traders are closely monitoring the forthcoming employment report, with particular interest in its implications for the Federal Reserve’s monetary policy decisions later this month. Bitcoin (BTC) has stabilized around the $112,000 mark, showing a 1.4% increase in the past 24 hours. However, retail sentiment on Stocktwits remains bearish, suggesting reluctance among investors despite this upward movement. Major altcoins have largely remained unchanged in morning trading on Friday. Ethereum (ETH), Ripple’s native token (XRP), and meme token Dogecoin (DOGE) exhibited minimal price fluctuations. In contrast, Solana (SOL) experienced a slight decline of 1%, while Tron (TRX) dipped by 0.8%. Notably, Cardano (ADA) emerged as an exception, increasing by 1.1% over the last day.
The employment report is anticipated to clarify whether the Federal Reserve might pursue an interest rate cut in its upcoming meeting. There is increasing pressure on the central bank to reduce rates, and should the jobs figures fall short of expectations, it could indicate a softening labor market. The CME Group’s Fed Watch tool currently suggests a staggering 99.7% probability that the Fed will implement a 25-basis-point reduction during its September meeting.
The overall cryptocurrency market has seen a modest increase, climbing by 0.9% to approximately $3.95 trillion. Data from Coinglass indicates that crypto futures experienced liquidations amounting to around $264 million within the last 24 hours, with long positions accounting for $162 million and shorts for $101 million.
In related market news, cryptocurrency-linked equities demonstrated positive movement in pre-market trading. MicroStrategy (MSTR), the largest corporation holding Bitcoin, saw a rise of 2.25%. Meanwhile, Bitmine Immersive Technologies (BMNR), the largest publicly traded company with Ethereum on its balance sheet, was up 2.3%. The crypto exchange Coinbase (COIN) increased by 1.5%. Additionally, Bitcoin mining firms Marathon Holdings (MARA) and Riot Platforms (RIOT) also reported gains, with MARA’s stock climbing by 1.6% and RIOT’s by 1.8%.
As traders brace themselves for the employment report’s potential market impact, the cryptocurrency sector continues to navigate a complex landscape of investor sentiment and regulatory scrutiny.
