Last Friday, the U.S. reported strong non-farm payroll data, and the U.S.-China trade tensions may ease, leading to continued gains in the U.S. stock market. Bitcoin fell back from 96K to 94K, while Ethereum continued to hover around 1,800. The meme coin gork surged over 50% after gaining Musk's attention over the weekend. This week, the Federal Reserve will announce its interest rate decision, and traders have pushed back their expectations for a rate cut, with the current estimate indicating that the Federal Reserve may cut rates by a quarter point as early as the end of July, with a total cut of three quarters for the year.
Strong non-farm jobs, will the Federal Reserve delay rate cuts?
The U.S. April non-farm payroll report showed an increase of 177,000 jobs, higher than the expected 138,000. The data indicates a robust labor market, and the inflation rate is above the Federal Reserve's target, leading people to expect that the Federal Reserve will continue to maintain a wait-and-see attitude until more evidence of economic downturn appears.
Although U.S. President Trump seized the opportunity presented by unexpectedly strong job growth to increase pressure on Federal Reserve Chair Powell, stating there was no reason to delay rate cuts. Treasury Secretary Scott Bessent also pointed out last week that the two-year Treasury yield had previously fallen, indicating that the market believes the Federal Reserve is not cutting rates quickly enough.
However, Powell and other policymakers were caught off guard by the post-pandemic surge in consumer prices, and they have emphasized that they are not in a hurry to react as inflation rates continue to remain above the 2% target level.
Before announcing this week's interest rate decision on Wednesday, Powell and his colleagues emphasized that the central bank must ensure that any price increases caused by Trump's tariff measures do not lead to a sustained increase in consumer prices again. But they also clearly stated that they would intervene if the economy deteriorated.
According to the CME FedWatch index, traders have pushed back their expectations for a Federal Reserve rate cut, with the current estimate indicating that the Federal Reserve may cut rates by a quarter point as early as the end of July, with a total cut of three quarters for the year, compared to previous estimates of June and four quarters.
Bitcoin falls back to 94K, Musk focuses on $GORK surge
Bitcoin fell back from 96K to 94K, while Ethereum continued to hover around 1,800. The top ten cryptocurrencies by market capitalization all saw slight declines over the weekend.
This weekend, the hottest topic is the meme coin gork! Gork is a meme coin that imitates the xAI grok chatbot and has been listed on Binance Alpha. Musk started focusing on the official X account of $GORK on the morning of May 3, 2025, and replied with a smiley emoji under related posts. This action was interpreted by the market as indirect support for $GORK, directly causing the price of $GORK to surge dramatically, with an increase of over 50% within a day.
This article Bitcoin falls back to 94K, Musk focuses on $GORK surge, market focuses on Federal Reserve interest rate decision first appeared in Chain News ABMedia.
