#BinanceHODLerTOWNS Bitcoin News: Bitcoin recovered 1.22% to $114,738 after dropping from $119,000 to $111,800 following weak July jobs data.
Major altcoins joined the recovery with Ethereum up 3.12% to $3,549 and XRP gaining 6.32% to $3.
Disappointing nonfarm payrolls, showing only 73,000 jobs added, triggered the initial selloff across risk assets.
Institutional buyers quickly stepped in to buy the dip, with analysts noting long-term investors driving the recovery.
Traders remain cautiously optimistic ahead of August 12 CPI data that could influence September Federal Reserve rate decisions.
CME FedWatch shows an 80.8% probability of a 0.25% rate cut at the September 17 meeting.
The SEC's new Project Crypto initiative is expected to provide regulatory clarity and boost DeFi growth in the coming months.$BTC