The United States’ employment data in November exceeded expectations, with the S&P 500 and Nasdaq indexes hitting new highs again. After experiencing ups and downs the day before, Bitcoin surged again last night, currently hovering around $100,000. Ethereum, on the other hand, returned to $4,000 for the first time in nearly nine months, with a market value of $485 billion, surpassing Mastercard at one point.
The non-farm payroll report supports the Federal Reserve’s one-point rate cut in December
The US Bureau of Labor Statistics released data on Friday (12/6) showing that 227,000 non-farm jobs were added in November, slightly higher than expected, and revised the October non-farm employment figure to 36,000, indicating a rebound in the labor market from previous adverse weather and strike impacts. However, the unemployment rate unexpectedly rose to 4.2%.
Investors believe that the US labor market is gradually slowing down, but the economy remains robust, meeting the expectations of the “Goldilocks” scenario and leaving room for another rate cut by the Federal Reserve.
According to the CME Group’s FedWatch data, 85% of traders believe that the Fed will announce a one-point rate cut at the next rate meeting on 12/18, higher than the previous day’s 71% and last week’s 66%. However, it may hold steady until January 2025, with a possible total rate cut of three points to 3.5% by the end of 2025.
Bitcoin hovers around $100,000
After experiencing ups and downs the day before, Bitcoin surged again last night, currently hovering around $100,000.
(Bitcoin surged above $100,000, fell to $90,000, and over $1 billion was liquidated across the network)
The total assets of the Bitcoin spot ETF have reached $110.9 billion, accounting for 5.59% of the total market value of Bitcoin, surpassing Satoshi Nakamoto.
(The holdings of Bitcoin spot ETF surpass Satoshi Nakamoto! Imbalance in supply and demand will cause BTC price to rise)
ETH attempts to break $4,000
Ethereum returned to $4,000 for the first time in nearly nine months. With a market value of $485 billion, it briefly surpassed Mastercard. However, there is still a 20% upside potential to strive for to reach the historical high of $4,868 in 2021.
The Ethereum spot ETF recorded a net inflow of $429 million on 12/5, the highest level since its launch. Currently, the total net asset value of the nine ETFs is $13.1 billion, accounting for 2.73% of the Ethereum market value.
Tether, the stablecoin issuer, minted $200 million USDT on Ethereum yesterday.