The three major U.S. stock indices closed higher yesterday (12/3), as the latest ADP employment data bolstered investors' confidence in a rate cut by the Federal Reserve next week. The total cryptocurrency market capitalization rose by 2.57%, with Bitcoin (BTC) briefly climbing to $94,150 this morning, driving the overall market up, while Ethereum (ETH) rose 5.76% over the past 24 hours, closing at $3,182 before press time. Market panic sentiment has slightly eased as the Federal Reserve halted quantitative tightening on 12/1, and the correlation between Bitcoin and the S&P 500 index has increased again.
The job market is freezing, and traders are betting on a rate cut next week
ADP reported that private sector employment unexpectedly decreased by 32,000 in November, while economists had previously predicted a median increase of 10,000. Despite the weak data, traders are betting that the drop in private sector job opportunities will prompt the Federal Reserve to significantly cut rates at the meeting on 12/10.
David Russell from TradeStation stated:
"Months of uncertainty and tariff policies have taken a heavy toll on the real economy. While artificial intelligence has supported some sectors, many small businesses have not benefited. The fact that wages have not declined indicates a crisis of confidence in certain economic sectors rather than the result of an actual recession."
On Friday, the Personal Consumption Expenditures (PCE) price index for September and the core index excluding food and energy will be announced. Economists predict the core index will rise by 0.2% for the third consecutive year, keeping the annual increase slightly below 3%, indicating stable but sticky inflationary pressures.
Mark Hackett from Nationwide stated:
"This still feels like a 'buy the dip' market: the market backdrop is strong, the technicals have rebounded, and valuation issues are actually limited to large-cap tech stocks."
Bitcoin 93K, BNB successfully back above $900.
The total market capitalization of cryptocurrencies rose by 2.57%. Bitcoin surged to $94,150 this morning, driving the overall market up, with Ethereum rising 5.76% in the last 24 hours, reported at $3,182 before the deadline.
Cryptocurrency exchange Binance held the Binance Blockchain Week in Dubai, announcing significant personnel changes. Co-founder Yi He was appointed Co-CEO, partnering with Richard Teng to promote Web3 infrastructure, accelerate global expansion, and move towards the vision of 1 billion users. BNB successfully returned above $900, with a nearly 6% increase in the last 24 hours.
(Binance co-founder Yi He appointed Co-CEO, partnering with Richard Teng to sprint towards the vision of 1 billion users)
Market panic has eased slightly, as the Federal Reserve is expected to halt quantitative tightening on 12/1, and the correlation between Bitcoin and the S&P 500 index has risen again.
This article discusses the frozen job market, with interest rate cut expectations stabilizing Bitcoin at 93K, first appearing in Chain News ABMedia.
