Crypto rises as weak jobs data fuels Fed cut bets
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📉 Weaker US labour data - boosts Fed rate cut expectations.
💰 Bitcoin bounced to $113K - before cooling near $111.9K.
📊 Traders now see a 100% chance of a Fed cut - with rising bets on 50bps.
🚀 A few cryptocurrencies rally - XRP, Solana, and Bitcoin Cash gained 3–8%
Crypto markets had a bump on Friday following the non-farm payrolls print, which showed a weaker-than-anticipated labour market in the US, bolstering the chance of the Fed trimming interest rates at its 17–18 September meeting. Bitcoin lifted from around $110,000 to $113,000 before settling near $111,900, where it’s still trading this morning. Traders are now pricing in a 100% chance of a reduction, with rising bets on a 50-basis-point cut, Yahoo! Finance reported.
The Fear and Greed Index continues to hover in neutral, as investors may wait for the Fed’s meeting to gauge market direction, though some analysts suggest the potential policy move may already be priced in.
A few cryptocurrencies from the older cohort are ticking higher, with XRP, Solana, and Bitcoin Cash showing price gains of between 3% and 8%.
Economic data through the rest of the month will continue to shape investor sentiment, with eyes firmly on 17 September.
In the markets…
🌍 Total crypto market cap ↗️
The global crypto market cap is approximately $3.85 trillion, up 0.6% over the past 24 hours.
🟠 Bitcoin (BTC) ↗️
Price: $111,609 up 0.45% in the last 24 h.
Daily high: $111,795
Daily low: $110,690
📈 S&P 500 ↘️
SPY is currently down about 0.32% since yesterday’s close.
📈 Nasdaq 100 ↗️
The Nasdaq 100 is up about 0.08% overnight.
😐 Fear & Greed Index
The Crypto Fear & Greed Index stands at 42/100, in Neutral.
Data is correct as at 8 September, 08:58 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.
