Crypto and stock markets lift as investors weigh chances of Fed rate cut
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📈 Bitcoin climbs 1.7% overnight - breaking above $112,000, while Ethereum trades sideways.
🐕 Dogecoin ETF - REX-Osprey plans to launch via the 40 Act next week.
👷 Jobs data in focus - US payrolls expected to show +75,000 jobs in August, up from July’s 73,000.
📊 Markets higher - S&P 500 and Nasdaq 100 both up just under 1% ahead of Fed rate-cut bets.
Markets have lifted this morning, with Bitcoin seeing an overnight gain of around 1.7%, pushing the price above $112,000. Ethereum is moving sideways, while a few altcoins are showing strength as indicators like the Fear and Greed Index continue to reflect an improvement in investor sentiment from earlier in the week. Pol (POL) is up 4%, and Berachain (BERA) has posted similar gains.
In notable crypto news, REX-Osprey, an exchange-traded product (ETP) provider, is preparing to launch a Dogecoin (DOGE) ETF next week. Commenting on the development, Bloomberg analyst Eric Balchunas said: “Looks like Rex is going to launch a Doge ETF via the 40 Act.” The “40 Act” refers to the Investment Company Act of 1940, a US law that regulates investment funds pooling money from multiple investors.
On the macro side, investors are focused on US non-farm payroll data due later today, which could provide more clarity on whether the Fed will cut interest rates at its September meeting. A Reuters poll suggests the data will show an increase of 75,000 jobs in August, compared with 73,000 in July. Speaking to CNBC, Federal Reserve Governor Christopher Waller said: “I've been clear that I think we should be cutting at the next meeting. You want to get ahead of having the labour market go down, because usually when the labour market turns bad, it turns bad fast.” Both the S&P 500 and Nasdaq 100 are trading just under 1% higher.
In the markets…
🌍 Total crypto market cap ↗️
The global crypto market cap is approximately $3.87 trillion, up 1.17% over the past 24 hours.
🟠 Bitcoin (BTC) ↗️
Price: $112,634 up 0.46% in the last 24 h.
Daily high: $112,965
Daily low: $109,399
📈 S&P 500 ↗️
SPY is currently up about 0.83% since yesterday’s close.
📈 Nasdaq 100 ↗️
The Nasdaq 100 is up about 0.93% overnight.
😐 Fear & Greed Index
The Crypto Fear & Greed Index stands at 41/100, in Neutral.
Data is correct as at 5 September, 08:59 GMT.
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.
