Bitcoin Surges Amid Rate Cut Bets as Markets Await US Jobs Report
Bitcoin's price surged to $77,755.77 on Wednesday, marking a 1.1% increase over the past 24 hours. The broader crypto market cap remained relatively flat, with $73.5 billion in trading volume.
The Federal Reserve's potential rate cut has added to the bullish momentum for Bitcoin and other cryptocurrencies. Private payrolls rose by just 38,000 in August, below the forecast of 47,000, which has strengthened the case for a rate cut.
According to Vikram Subburaj, CEO of Giottus.com, 'Bitcoin is trading in a largely range-bound market as investors wait for clearer signals from Friday's employment data.' He noted that markets are currently pricing in roughly a 66% probability of a rate move from the Fed, which continues to cap risk appetite across crypto.
On-chain data shows a mixed picture, but Subburaj stated that around 68% of Bitcoin's circulating supply remains in profit. However, he flagged that ETF demand has become less consistent following a strong August, suggesting institutional buying is no longer providing the same steady support it did earlier in the rally.