Bitcoin Treads Water Ahead of US Jobs Report, Rate Cut Bets Loom
Bitcoin's price has risen to $77,755.77, up 1.1% over 24 hours, as the broader crypto market cap remains relatively stable at $2.7 trillion. The recent data shows that Bitcoin's share of the total crypto market has grown to 59.7%, its highest level in recent times.
The upcoming US jobs report on Friday is expected to have a significant impact on the market, with economists predicting a gain of 53,000 jobs and unemployment holding steady at 4.1%. A weak labor data could add to rate cut bets, which would typically support stocks and crypto while pressuring the dollar and Treasury yields.
Vikram Subburaj, CEO of Giottus.com, notes that Bitcoin is trading in a range-bound market as investors wait for clearer signals from Friday's employment data. The current level of uncertainty continues to cap risk appetite across crypto, with markets pricing in roughly a 66% probability of a rate move from the Fed.