Crypto Daybook Americas: Bitcoin Tops $110K as Jobs Report Looms | Breaking Crypto News & Blockchain Updates

Crypto Daybook Americas: Bitcoin Tops $110K as Jobs Report Looms — You are viewing Crypto Daybook Americas, your morning briefing on what happened in the crypto markets overnight and what's expected during the coming ...

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Crypto Daybook Americas will not be published on Friday owing to the July 4 holiday. It will return on Monday. Wishing our U.S. readers a happy Independence Day.

By James Van Straten(All times ET unless indicated otherwise)

BitcoinBTC$109,719.08hit $110,000 for the first time since June 11 and is now within striking distance of its $112,000 all-time high, which was recorded on May 22.

Bitcoin dominance has slipped from its June 22 high of just over 66% and now stands a bit above 65%. This figure reflects bitcoin’s market capitalization relative to the entire crypto market. Currently, bitcoin boasts a market cap of $2.2 trillion.

Today's major economic event is the release of the U.S. jobs report. Nonfarm payrolls are expected to have increased by 110,000 last month, the smallest gain in four months and a slowdown from May’s increase of 139,000. The unemployment rate is projected to rise to 4.3%, up from 4.2%. If this figure materializes, it would be the highest unemployment rate since October 2021. Over the past 12 months, the unemployment rate has held within a tight range between 4% and 4.2%.

The report comes a day early because of the July 4 holiday weekend, which is likely to see reduced trading volumes. The New York Stock Exchange and Nasdaq will close at 1 p.m. today and bond markets at 2 p.m. Markets will remain closed on Friday, July 4.

Ahead of the release, markets were pricing in a 75% chance that the Federal Reserve would keep interest rates steady at 4.25%-4.50% during its meeting scheduled for July 30.

“On-chain flows remain stable, suggesting that major players are awaiting further signals from this week’s Non-Farm Payrolls and Initial Jobless Claims data," HTX Research wrote. "Structurally, the market is navigating between two potential scenarios."

If labor data weakens, a confirmed September rate cut could ignite a renewed rally in BTC, HTX said. On the other hand, if NFP surprises to the upside, a break below $104,000 could trigger a technical correction.

"Overall, bitcoin now finds itself at a crucial inflection point, shaped by renewed capital inflows, rising speculative interest, and diverging macroeconomic expectations. The coming days could prove pivotal for confirming the next major trend in the market". Stay alert!

TheCoinDesk Policy & Regulation conference(formerly known as State of Crypto)is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Space is limited. Use code CDB10 for 10% off your registration through July 17.

By Oliver Knight

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Source:Farside Investors

Siamak Masnavi,Jamie Crawleycontributed reporting.

James Van Stratenis a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin's role within the broader financial system.

In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin and Strategy (MSTR).

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.

Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.

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