Crypto Markets Firm Amid Clarity Act Delay and Jobs Data Anxiety
Despite the delay in the Senate vote on the Clarity Act to September, cryptocurrency markets are trading firmly. The upcoming release of US jobs data has also failed to unsettle investors. According to recent reports, the Bureau of Labor Statistics is expected to show an addition of 80,000 non-farm payrolls for July, with the unemployment rate remaining steady at 4.2%. This news could influence the Federal Reserve's monetary policy actions.
The CME FedWatch tool indicates a likelihood of a rate hike by the Fed in September at around 55%, October at 68%, and December at 83%. Despite regulatory uncertainty, cryptocurrency markets are trading on a mildly positive note. The overall crypto market capitalization has increased by over a quarter percent.
Bitcoin (BTC) is currently trading above $65,000, while Ethereum (ETH) is up 0.66% to $1,917.16. Other top cryptocurrencies like BNB, XRP, and SOL are also experiencing price fluctuations. The CMC Crypto Fear and Greed Index has improved to 39 from 38 a day ago.
Bitcoin Spot ETF products in the US witnessed net inflows declining to $138 million on Thursday from $244 million on Wednesday. iShares Bitcoin Trust ETF topped with net inflows of $128 million.