Bitcoin Steady at $110,000 Amid Anticipation for Upcoming Labor Data
Bitcoin (BTC) is priced around $110,000, while gold reached a record high of $3,508 per ounce. This reflects how crypto traders are adjusting to potential Federal Reserve rate cuts.
- Bitcoin rose 2.7%, ether (ETH) remained stable.
- XRP, Solana’s SOL, and dogecoin (DOGE) each gained over 3%.
- The overall crypto market capitalization increased by 1.8%.
Gold has outperformed BTC this year with gains exceeding 30%, compared to BTC's 16% increase. The Fed's dovish stance, highlighted by Chair Jerome Powell, and a weaker jobs market are prompting investors to seek hard assets.
- Nick Ruck from LVRG Research noted that gold and bitcoin are becoming complementary hedges against monetary debasement.
- Ethereum shows signs of fatigue, with a 28% drop in active addresses since late July.
- Solana is experiencing a rebound in Total Value Locked (TVL), attracting new investments.
Market attention is on the upcoming non-farm payrolls report, with expectations of about 45,000 new jobs. A weak report may lead to a September rate cut, possibly reviving risk appetite in crypto markets.
Currently, downside protection in options is at its highest in weeks, indicating cautious trading ahead of September, historically a weak month for crypto.