Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
Bitcoin Retakes $30K, Asian Stocks Hit 5-Week Low Ahead of U.S. Jobs Report

Bitcoin Retakes $30K, Asian Stocks Hit 5-Week Low Ahead of U.S. Jobs Report

CoindeskCoindesk2023/07/07 10:38
By:Omkar Godbole

The Bureau of Labor Statistics will release the nonfarm payrolls report for June at 12:30 UTC.

Bitcoin price. (CoinDesk/Highcharts.com)

Bitcoin (BTC) bounced and Asian stocks fell Friday as investors awaited U.S. nonfarm payrolls data after Thursday's showed better-than-expected private-sector hiring in the world's largest economy.

The leading cryptocurrency by market value rose almost 1% to touch $30,300, reversing some of Thursday's slide. The MSCI's broadest index of Asia-Pacific shares, excluding Japan, extended the prior session's weakness to drop to a five-week low, while U.S. stocks registered notable losses after a blowout ADP private-sector employment report for June raised concerns of higher interest rates.

In other markets, gold rose to $1,914 per ounce and the yield on the 10-year Treasury note stood at 4.02%, down 6 basis points from Thursday's four-month high. The dollar index, which gauges the greenback's exchange rate against major fiat currencies, consolidated on overnight losses near 103.00.

The Bureau of Labor Statistics will release the nonfarm payrolls report for June at 12:30 UTC. The U.S. is thought to have added 205,000 jobs last month, FactSet's consensus estimates show, following an increase of 339,000 in May and 294,000 in April.

The unemployment rate probably dropped to 3.6% from 3.7%, while average hourly earnings are expected to have increased by 0.3%, matching May's growth rate.

Fed funds futures indicate traders see an 89% chance of the Federal Reserve (Fed) raising interest rates by 25 basis points to the 5.25%-5.5% range later this month. That's slightly less than the 94% seen following Thursday's ADP report and ISM services PMI data.

Traders are also pricing a 50% chance of another 25 basis point rate increase later this year.

"If I had to estimate what the market is really trying to place as a baseline, it's a hike to 5.25-5.50% and then holding there for about ten months," ForexLive's currency analyst Adam Button said in a market update.

With hawkish expectations already bolstered, a slight miss on the headline NFP and wage growth data could bring a positive mood back to risk assets, including cryptocurrencies.

The focus will also be on how the Treasury yield curve responds to the figure. If the curve begins to , risk assets may drop. Historically, curve have marked arrival of economic recessions.

An inverted yield curve is the one where yields on longer duration bonds fall below yields on short duration bonds.

10:36 UTC: Adds tweet from hedge fund Telemetry's Thomas Thornton.

Edited by Sheldon Reback.

59

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Switzerland Delays Crypto Information Exchange Pending International Coordination

- Switzerland delays crypto tax data sharing with foreign nations until 2027, citing unresolved CARF partner agreements. - The OECD's 2022 framework requires member states to exchange crypto account details, but 75 countries including the EU and UK face implementation challenges. - Transitional measures ease compliance burdens for Swiss crypto firms while awaiting finalized international data-sharing protocols. - Major economies like the U.S., China, and Saudi Arabia remain outside CARF due to non-complian

Bitget-RWA2025/11/28 11:02
Switzerland Delays Crypto Information Exchange Pending International Coordination

Bitcoin Updates: SGX Addresses Offshore Perp Shortfall as Bitcoin Decline Increases Demand for Hedging

- SGX launched Bitcoin and Ethereum perpetual futures, becoming a first-mover in regulated onshore crypto derivatives to meet institutional demand. - The $187B/year perp market, dominated by Asia, now gains a regulated alternative to offshore platforms with SGX's 22.5-hour trading window. - Perps enable hedging during Bitcoin's 2025 downturn, with SGX's margin-call system prioritizing investor protection over instant liquidations. - Regulatory caution limits access to accredited investors, aligning with gl

Bitget-RWA2025/11/28 10:44
Bitcoin Updates: SGX Addresses Offshore Perp Shortfall as Bitcoin Decline Increases Demand for Hedging

Bitcoin News Update: Institutional ETF Adjustments Challenge Key Bitcoin Support Thresholds

- Analysts warn Bitcoin faces 25% drop risk if key support levels fail amid shifting institutional ETF dynamics. - Texas's $5M IBIT purchase highlights growing government interest, but ETFs fall short of direct BTC ownership criteria. - Technical analysis shows Bitcoin trapped in a broadening wedge pattern, with breakdown below $80,000 risking $53k decline. - Institutional rebalancing sees $66M IBIT outflows vs. $171M FBTC inflows, signaling tactical ETF rotation over accumulation. - Abu Dhabi's $238M ETF

Bitget-RWA2025/11/28 10:44
Bitcoin News Update: Institutional ETF Adjustments Challenge Key Bitcoin Support Thresholds

XRP News Today: IMF Cautions That Rapid Tokenized Markets Could Intensify Crashes in the Absence of Regulation

- IMF warned tokenized markets like XRP could worsen flash crashes without regulation, citing risks from decentralized systems lacking traditional safeguards. - Report acknowledged tokenization's potential to cut cross-border payment costs but highlighted volatility risks from rapid liquidity loss seen in crypto markets. - SEC's approval of crypto ETFs signals growing institutional acceptance, though regulators emphasize oversight frameworks to mitigate systemic risks. - IMF proposed a global digital marke

Bitget-RWA2025/11/28 10:44
XRP News Today: IMF Cautions That Rapid Tokenized Markets Could Intensify Crashes in the Absence of Regulation