Crypto Market Awaits Jobs Report
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Crypto Market Awaits Jobs Report: What to Expect
As the traditional and crypto markets eagerly await the U.S. nonfarm payrolls data, recent news has highlighted gold’s appeal as a universal haven. According to some sources, OrxCash.com, the news about Crypto Market Awaits Jobs Report has been a significant talking point in the industry. The Financial Times reported that Tether, the issuer of the world’s largest dollar-pegged stablecoin, is considering a serious play in the gold industry. CEO Paolo Ardoino has stated that gold is safer than any government currency, calling it a perfect complement to Bitcoin (BTC).
Gold’s Reflexive Bullish Cycle
If the report comes to fruition, it could mean crypto is about to become a bigger part of gold’s reflexive bullish cycle. The precious metal is already soaking up strong bids globally as sticky inflation, fiscal headaches, and concerns over central bank independence weigh on investors. Countries are trimming their U.S. Treasury holdings and scooping up gold as a safer, sanctions-proof haven. Tether’s interest could also boost the appeal of Tether Gold, which is issued by its affiliate company TG Commodities. Each XAUT represents ownership of one fine troy ounce of physical gold and was recently priced around $3,560.
Crypto Market Prospects
The prospects for Bitcoin (BTC), Ethereum (ETH), and the wider crypto market are likely to be determined by the jobs report. “A weak print will cement expectations for a 25bps rate cut, likely softening the dollar and easing Treasury yields, which will be positive for risk assets, including crypto,” said Timothy Misir, head of research at BRN. “But the real risk is a strong report: even a modest upside surprise could unwind dovish positioning, send yields higher, and pressure BTC and ETH back toward their support levels.”
Institutional Activity
In other key news, institutional activity points to interest broadening beyond BTC and ETH. DeFi Development Corp. recently bought over 196,000 Solana (SOL) tokens, establishing a treasury worth some $427 million. And Thumzup Media, backed by Donald Trump Jr., said it acquired $1 million of BTC, along with new purchases of DOGE, LTC, SOL, and XRP.
Market Analysis
The recent developments in the crypto market have significant implications for retail investors. As the market awaits the jobs report, it is essential to consider the potential impact on Bitcoin (BTC) and other cryptocurrencies. The rise of blockchain technology and the increasing adoption of cryptocurrencies have created new opportunities for investors. However, it is crucial to approach the market with caution and consider the potential risks and rewards.
Token Events and Launches
Several token events and launches are scheduled to take place in the coming days. Uniswap DAO is voting on deploying Uniswap v3 on Ronin with $1M in RON and $500K in UNI incentives. Lido DAO is voting on a proposal to migrate Nethermind’s ~7,000 Ethereum (ETH) validators to infrastructure operated by Twinstake. Additionally, several new tokens, including WORLDSHARDS, Boost, Openledger, and OlaXBT, are set to be listed on various exchanges.
Crypto Equities and ETF Flows
The crypto equities market has seen significant fluctuations in recent days. Coinbase Global closed at $306.80, while Circle closed at $117.49. The daily net flows for spot BTC ETFs were -$222.9 million, with cumulative net flows of $54.63 billion. The total BTC holdings were ~1.29 million.
Market Movements and Technical Analysis
The BTC price is up 1.71% from 4 p.m. ET Thursday, while ETH is up 2.14%. The CoinDesk 20 is up 1.85% at 4,050.32. The ETH/BTC ratio is looking to top the Ichimoku cloud on the weekly chart, indicating a potential bullish shift in momentum.
Overall, the crypto market is awaiting the jobs report with bated breath. The potential impact on Bitcoin (BTC) and other cryptocurrencies is significant, and retail investors must approach the market with caution. As the market continues to evolve, it is essential to stay informed and adapt to the changing landscape.
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image source: www.coindesk.com