Still quiet ahead of tomorrow’s US jobs numbers
🔍 Investors watch inflation data - Markets remain quiet as traders await US jobs data and other economic indicators that could clarify the inflation outlook.
📉 Rate cut expectations rise - Analysts are increasingly betting on Federal Reserve interest rate cuts around September, typically bullish for crypto and stocks.
💼 Institutional buying grows - Design tool Figma disclosed $70M in Bitcoin ETF holdings ahead of its IPO.
📊 Bitcoin holds steady - BTC is up 0.8% overnight, while most large-caps move sideways but hang onto longer-term gains.
It’s still relatively quiet on the crypto front, with investors possibly waiting for a clearer picture on inflation, which could emerge in US economic data this week, starting with jobs numbers tomorrow. The inflation narrative ties directly into the interest rate outlook, which has heated up with most analysts expecting cuts around September. Generally, risk-on investments like stocks and crypto tend to perform well in lower-rate environments.
Bitcoin is up 0.8% overnight, while most large-cap cryptocurrencies are trending sideways over the past 24 hours, with many still holding onto gains over the longer term.
In more institutional news, design app Figma recently disclosed $70 million in Bitcoin ETF holdings as it prepares to go public. With Bitcoin trading just below its all-time high and institutional momentum building, could we see more upside once macro factors finally align?
In the markets…
🌍 Total crypto market cap ↗️
The global crypto market cap is approximately $3.31 trillion, up 0.57% over the past 24 hours.
🟠 Bitcoin (BTC) ↗️
Price: $107,544, up 0.87% in the last 24 h
Daily high: $107,707
Daily low: $105,402
📈 S&P 500 ↘️
SPY is currently down about 0.11% since yesterday’s close.
😐 Fear & Greed Index
The Crypto Fear & Greed Index stands at 46/100, indicating a neutral sentiment among investors.
📊 Bitcoin Relative Strength Index (RSI) (14)
The 14-day RSI for BTC is approximately 66, still in the neutral zone (30–70).
Data is accurate as at 08:58 GMT, 2 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.
