Bitcoin Reaches $110,000 Ahead of U.S. Jobs Report Release
Crypto Daybook Americas will not be published on July 4 due to the holiday, returning on July 7.
Key updates include:
- Bitcoin reached $110,000, close to its all-time high of $112,000 from May 22.
- Bitcoin's market dominance decreased to 65%, with a market cap of $2.2 trillion.
- The U.S. jobs report is anticipated, with nonfarm payrolls expected to rise by 110,000, the lowest increase in four months.
- Unemployment rate projected to rise to 4.3%, the highest since October 2021.
- Markets are pricing in a 75% likelihood that the Federal Reserve will maintain interest rates at 4.25%-4.50% during the July 30 meeting.
- On-chain flows indicate major players are awaiting labor data for market direction.
What to Watch
- Crypto
- July 15: Lynq to launch a real-time, interest-bearing digital asset settlement network.
- Macro
- July 3: U.S. Bureau of Labor Statistics to release employment data.
- July 4: Various economic data releases from Brazil and Mexico.
- Token Events
- Voting on governance proposals for Arbitrum, Compound, and Polkadot this week.
- Zilliqa hosting an AMA session on July 3.
Market Movements
- BTC at $109,970.87 (+0.72%)
- ETH at $2,599.77 (+0.33%)
- CoinDesk 20 index up 1.51% at 3,149.61
Technical Analysis
- BTC perpetual futures open interest indicates renewed demand as prices rise above $110K.
Derivatives Positioning
- DOGE, LTC, XMR show increased open interest in perpetual contracts.
- TRX and BCH favor short positions.
ETF Flows
- Spot BTC ETFs see daily net inflows of $407.8 million; cumulative net flows reach $49.02 billion.
- Spot ETH ETFs record outflows of $1.9 million; total ETH holdings around 4.13 million.
Overnight Flows
Chart of the Day
- Market anticipates potential job losses based on trader perceptions regarding June's nonfarm payrolls report.
- Weaker labor data may strengthen chances of Fed rate cuts, potentially increasing bitcoin volatility.