Resurgence of Rate Cut Expectations Fuels Bitcoin Surge to $71K, Ether Reaches $3,800

US JOLTs Job Openings Hit a Nearly 3-Year Low, Boosting Hopes for Fed Rate Cut; US Stocks Close Higher; NVIDIA Hits Another All-Time High; Bitcoin Surges to $71,063, Ethereum Rises Above $3,800; Top 10 Cryptocurrencies all Gain.

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Weak Labor Market Boosts Rate Cut Expectations
Bitcoin Surges Above $70,000 Mark
Ethereum Rises Above $3,800
Top 10 Cryptocurrencies all Gain

The US Department of Labor released the Job Openings and Labor Turnover Survey (JOLTs) on Tuesday, revealing that job openings in April fell to 8.059 million, reaching a new low since February 2021. This indicates a weak economic growth and raises investors’ expectations for a rate cut.

The Federal Reserve will announce its interest rate decision next week on 6/12. 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%, up from around 50% previously.

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Investors will await Friday’s US non-farm payroll data to gain insight into 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. However, there is significant resistance above, with only a 3.6% difference from the historical high of $73,777 in March.

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ETH also rose above $3,800 yesterday, but still has a way to go to reach its March high of $4,093. Although the US Securities and Exchange Commission (SEC) officially approved the 19b-4 forms of eight Ethereum spot ETFs on 5/23, it will still take a few more weeks for these products to start trading as their S-1 registration statements need to become effective, according to Bloomberg ETF analysts’ estimates.

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Eight Ethereum Spot ETFs Officially Approved, Issuance and Listing Still Awaited
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Yesterday, the top 10 cryptocurrencies all showed gains, with Binance Coin (BNB) having the most significant increase of 9.1% in the past 24 hours, followed by TON with a 7.3% rise.

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Ethereum
Bitcoin
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Further Reading
BTC Hits $71K! Bitcoin ETF Sees Net Inflow of $800 Million, Highest Since 3/12
Bitcoin Spot ETF Continues to See Net Inflows, 10x Bold Prediction: BTC Will Reach New All-Time High Next Week.