Big moves in crypto markets, as analysts expect cooling US jobs market
🚀 July kicks off strong - Crypto markets open the month in the green, with large caps and altcoins posting solid gains.
📈 Bitcoin nears ATH - BTC is up more than 2%, pushing toward its all-time high of $111,200, while ETH rose over 5%.
📉 Weak jobs data boosts Fed cut hopes - US private sector jobs fell in June.
After something of a muted June, crypto markets are kicking off July in a big way. Most of the market is firmly in the green this morning. First, the large caps: Bitcoin (BTC) is up more than 2%, making a push toward its all-time high of $111,200, while Ethereum (ETH) has gained over 5%. Dogecoin (DOGE) and Cardano (ADA) also made strong +5% moves overnight. The smaller caps are where the action is, Celestia (TIA) is up more than 15%, with Injective (INJ) following closely. Why, though?
June’s US jobs numbers are expected later today, with analysts broadly anticipating signs of a cooling labor market, which could pressure the Federal Reserve toward looser monetary policy. Supporting that outlook, yesterday’s release of US private sector employment numbers showed an unexpected drop in jobs numbers by 33,000 in June, well below forecasts, and also the first decline since March 2023, adding to the narrative of a slowing economy and increasing the likelihood of a Fed rate cut, note analysts.
The Northern Hemisphere summer has typically been a slow period for crypto markets, but could this year break the trend?
In the markets…
🌍 Total crypto market cap ↗️
The global crypto market cap is approximately $3.36 trillion, up 2.81% over the past 24 hours.
🟠 Bitcoin (BTC) ↗️
Price: $108,837, up 2.23% in the last 24 h
Daily high: $109,648
Daily low: $106,349
📈 S&P 500 ↗️
SPY is currently up about 0.47% since yesterday’s close.
😐 Fear & Greed Index
The Crypto Fear & Greed Index stands at 54/100, indicating a neutral sentiment among investors.
📊 Bitcoin Relative Strength Index (RSI) (14)
The 14-day RSI for BTC is approximately 54, still in the neutral zone (30–70).
Data is accurate as at 05:00 GMT, 3 July.
Cautionary Notes
It's definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
