Cryptos Rebound Ahead Of Jobs Data

Cryptocurrencies rebounded in the past 24 hours while markets wait for the release of the crucial job market data from the U.S. due on Friday morning. The jobs data is expected to allay concerns about the U.S. economy as well as nudge the Fed for another dose of monetary easing in the review in November.

In data to be released on Friday morning, the U.S. Bureau of Labor Statistics is expected to show additions of 140 thousand to non-farm payrolls during September. The additions were 142 thousand in August, 89 thousand in July, 118 thousand in June and 216 thousand in May. The unemployment rate is seen steady at 4.2 percent. The same was 4.2 percent in August, 4.3 percent in July, 4.1 percent in June and 4 percent in May. The average hourly earnings on a month-on-month basis are seen edging down to 0.3 percent from 0.4 percent in August. On a year-on-year basis, the average hourly earnings are seen steady at 3.8 percent.

With no clear indications of a major deterioration in the job markets, the Fed is expected to ease rates only a gradual basis. The CME FedWatch tool currently shows the likelihood of 25-basis points rate cut in November at 69.4 percent, rising from 67.9 percent a day earlier and 46.7 percent a week earlier.

The Fed still has the privilege of getting another update on the labor market before the next FOMC. The report for October is due on November 1, providing sufficient time before making up its mind on November 7 when the FOMC decision would be announced.

The Dollar’s mild weakness also supported crypto market sentiment. The 6-currency Dollar Index is currently at 101.91 versus the high of 102.10 recorded on Thursday.

Overall crypto market capitalization is currently at $2.13 trillion, versus $2.10 trillion a day earlier.

Bitcoin rallied 0.95 percent overnight to trade at $61,249.11, around 17 percent below the all-time high. Weekly losses have been restricted to 6.6 percent. Gains in 2024 have increased to almost 45 percent.

Ethereum also gained 0.95 percent in the past 24 hours to trade at $2,375.82, around 51 percent below the previous peak. Weekly losses however exceed 10 percent. Gains in 2024 are just above 4 percent.

With a market capitalization of $1.2 trillion, Bitcoin dominates 56.92 percent of the overall crypto market. Ethereum which enjoys a market cap of $286 billion follows with a market share of 13.4 percent. Stablecoins command a market capitalization of $172.5 billion implying a crypto market share of 8.1 percent. The residual altcoins command a market share of 21.58 percent.

Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed a net outflow of $54 million on Thursday versus $64 million on Wednesday.

Data from Farside Investors on Ethereum Spot ETF products in the U.S. showed a net outflow of $3.2 million on Thursday versus net inflow of $19.8 million on Wednesday.

4th ranked BNB (BNB) gained 1.7 percent overnight to trade at $551.31.

5th ranked Solana (SOL) also rallied 1.7 percent overnight and is currently trading at $139.76.

7th ranked XRP (XRP) edged down 0.01 percent overnight to trade at $0.5225. Year-to-date losses have crossed 15 percent.

Dogecoin (DOGE), ranked 8th overall has added 3.7 percent in the past 24 hours to trade at $0.1075.

9th ranked TRON (TRX) gained more than 2 percent overnight to trade at $0.1573.

10th ranked Toncoin (TON) jumped 2.2 percent overnight to trade at $5.35.

FTX Token (FTT), the native token of the beleaguered FTX cryptocurrency exchanged jumped 29 percent to top overnight gains among the top 100 cryptocurrencies. FTT has gained 75 percent in the past week and more than 89 percent over the past 30 days while year-to-date losses have fallen to less than 18 percent. The surge comes amidst rising expectation about the commencement of distribution of funds. The hearing on October 7 is expected to kickstart the redistribution process.

61st ranked Celestia (TIA) and 22nd ranked Aptos (APT) followed with gains of more than 9 percent in the past 24 hours. 79th ranked Beam (BEAM) also rallied more than 8 percent in the past 24 hours.

20th ranked Sui (SUI) and 78th ranked Wormhole (W) topped overnight losses with a decline of 5.7 percent. 84th ranked Flare (FLR) slipped 5.1 percent whereas 86th ranked Conflux (CFX) and 81st ranked Ethena (ENA) followed with losses of more than 4 percent.

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