Job market freezes, rate cut expectations help Bitcoin stabilize at 93KThe three major U.S. stock indexes closed higher yesterday (12/3), as the latest ADP employment data strengthened investors’ confidence that the Federal Reserve will cut rates next week. The total crypto market cap rose 2.57%, with Bitcoin (BTC) surging to $94,150 this morning, driving the overall market upward. Ethereum (ETH) rose 5.76% in 24 hours, trading at $3,182 at press time. Market fear has slightly eased, and as the Federal Reserve ended quantitative tightening on 12/1, the correlation between Bitcoin and the S&P 500 index has increased again.
Job market freezes, traders bet on rate cut next week
According to the ADP report, private sector employment unexpectedly decreased by 32,000 in November, while the median economist forecast had been an increase of 10,000 jobs. Despite the weak data, traders are betting that the decline in private sector job opportunities will prompt the Federal Reserve to cut rates on 12/10.
ChainNewsAbmedia·2025-12-04 00:04