US JOLTs Job Openings Fall to Nearly 3-Year Low, Boosting Hope for Fed Rate Cut This Year; US Stocks Close Higher, Nvidia Hits New High, Bitcoin Rises to 71,063, Ether Tops 3,800, Top 10 Cryptocurrencies All Rise.
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Weak Labor Market Boosts Expectations for Rate Cut
Bitcoin Surpasses the 70,000 Milestone
Ether Tops 3,800
Top 10 Cryptocurrencies All Rise
The US Department of Labor announced on Tuesday that job openings in April fell to 8.059 million, reaching a new low since February 2021. This indicates a weak economic growth and increases investors’ expectations for a rate cut.
The Federal Reserve will announce its interest rate decision next week on June 12. Although the market generally expects rates to remain unchanged, according to the CME FedWatch Index, the probability of a rate cut in September has increased to 66.9%, compared to around 50% previously.
Investors will wait for the US non-farm payroll data on Friday to understand the actions the Federal Reserve may take in the second half of this year.
BTC attempted another rally yesterday, reaching a high of 71,063. There is significant resistance above, but it is only 3.6% away from the historical high of 73,777 in March.
ETH also surpassed 3,800 yesterday, still some distance away from the high of 4,093 in March. Although the US Securities and Exchange Commission (SEC) officially approved the Form 19b-4 for eight Ethereum spot ETFs on May 23, it will still take a few weeks for these products to start trading as their S-1 registration statements need to take effect, according to Bloomberg ETF analysts.
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Eight Ethereum Spot ETFs Officially Approved, Listing and Trading Await Further Waiting
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Yesterday, the top 10 cryptocurrencies by market capitalization all showed gains, with Binance Coin (BNB) showing the most impressive increase of 9.1% in the past 24 hours, followed by TON with 7.3%.
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