Crypto Daybook Americas: Bitcoin Tops $110K as Jobs Report Looms
Bitcoin surged past $110,000, nearing its all-time high, while its market dominance slightly decreased to above 65%, representing a $2.2 trillion market cap. The upcoming U.S. jobs report is a key economic event, with projected nonfarm payroll increases of 110,000—the smallest gain in four months—and an unemployment rate potentially rising to 4.3%. Reduced trading volumes are anticipated due to the July 4th holiday. Markets are pricing in a 75% chance of the Federal Reserve maintaining interest rates. HTX Research notes stable on-chain flows, suggesting major players await further signals from the jobs report and jobless claims data. Weaker labor data could trigger a BTC rally, while stronger data might cause a correction below $104,000.
Lynq, a real-time digital asset settlement network for institutions, is set to launch on July 15th, built on Avalanche and using Arca’s tokenized U.S. Treasury fund shares. Key economic data releases include June employment data, unemployment insurance data, and PMI data for Brazil and the U.S. Additionally, producer price inflation data for Brazil, consumer confidence data for Mexico, and PMI data for Canada will be released. A July 9th deadline looms for EU and U.S. trading partners to finalize deals to avoid reciprocal tariff reinstatement. A Senate Banking Committee hearing on July 9th will feature CEOs from Blockchain Association, Chainalysis, Paradigm, and Ripple.
NEAR token, with an AI focus, saw a 16.5% increase since July 1st, fueled by Bitwise’s launch of a NEAR ETP for European institutional investors. Daily trading volume doubled to $213 million. The broader altcoin market also strengthened, with the CoinDesk DeFi Select Index up 7.74% and the memecoin index up 13.2%. DOGE, LTC, and XMR saw increased perpetual futures open interest, while BTC and XRP perpetual futures open interest jumped over 5%. TRX and BCH show a bias for shorts, and XMR funding rates surged to 40%, indicating potential long position overcrowding. BTC’s price increased 1.75% in 24 hours, ETH increased 5.63%, and the CoinDesk 20 increased 4.23%. Several crypto equities experienced significant price movements. Spot BTC ETFs saw $407.8 million in daily net flows, while spot ETH ETFs saw -$1.9 million.
