Nonfarm Payrolls Report Exceeds Expectations, Bitcoin Resumes Surge Toward $100,000, Ether Challenges $4,000
US employment data in November exceeded expectations, and the S&P 500 and Nasdaq indexes hit new highs. After experiencing a surge and a slump the day before, Bitcoin rebounded last night and is currently hovering around $100,000. Ether, on the other hand, has returned to $4,000 for the first time in nearly nine months, with a market value of $485 billion, briefly surpassing Mastercard.
The non-farm payroll report supports the Federal Reserve’s one-point interest rate cut in December.
Data released by the US Bureau of Labor Statistics on Friday (12/6) showed that non-farm payrolls added 227,000 people in November, slightly higher than expected, and revised October’s non-farm employment figure to 36,000, indicating a rebound in the labor market from the impact of previous adverse weather conditions and strikes. 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 “golden-haired girl” and leaving room for another interest rate cut by the Federal Reserve.
According to CME Group’s FedWatch data, 85% of traders believe that the Federal Reserve will announce a one-point interest 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 remain unchanged until January 2025, and the interest rate may only be reduced by three points to 3.5% throughout 2025.
Bitcoin hovers around $100,000.
After experiencing a surge and a slump the day before, Bitcoin rebounded last night and is currently hovering around $100,000.
(After breaking through $100,000, Bitcoin fell to $90,000, causing over $1 billion in liquidation across the network)
The total assets of Bitcoin spot ETF have reached $110.9 billion, accounting for 5.59% of the total market value of Bitcoin, surpassing Satoshi Nakamoto.
(Bitcoin spot ETF holdings surpass Satoshi Nakamoto! Imbalance in supply and demand will cause BTC price to rise)
ETH attempts to break $4,000.
Ether has 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% upward potential to reach the historical high of $4,868 in 2021.
Ether spot ETF recorded a net inflow of $429 million on 12/5, the highest level since its launch. Currently, the net assets of the nine ETFs total $13.1 billion, accounting for 2.73% of the market value of Ether.
Tether, the stablecoin issuer, minted $200 million USDT on the Ethereum network yesterday.
