The cryptocurrency market exhibited divergent trends following the latest U.S. employment statistics, which indicated a rise in the jobless rate to 4.6%, the highest level observed since 2021. In the wake of the combined October and November nonfarm payroll data release, Bitcoin initially experienced a decline but ultimately rebounded, gaining 1.4% to reach $87,400. Conversely, Ethereum faced a downturn, slipping by 0.5% to approximately $2,935.
Market speculation is rife, with prediction markets suggesting a 69% likelihood that Bitcoin will revisit the $100,000 mark before retreating to $69,000. Analysts believe potential interest rate cuts by the Federal Reserve may bolster market support and liquidity. The recent pullback in Bitcoin primarily impacts newer investors, while long-term holders continue to see gains.
Within the top ten cryptocurrencies, Ethereum led the losses, followed closely by XRP, Solana, and TRON, which all experienced declines of up to 1%. In contrast, BNB managed to rise by 0.7%. Over the past 24 hours, the market saw liquidations totaling $582 million, predominantly in Bitcoin and Ethereum.
ETF activity also reflected these trends, with Bitcoin spot ETFs experiencing net outflows of $357.7 million, while Ethereum ETFs saw outflows of $224.8 million. In contrast, XRP and Solana ETFs noted net inflows.
Looking ahead, analysts project that at least two rate cuts from the Federal Reserve could occur in 2026, which might enhance liquidity and provide support for a recovery in the cryptocurrency market. As the landscape evolves, investors are advised to stay informed and cautious, considering both macroeconomic factors and the inherent volatility of digital assets.
