JOBLESS (JOBLESS) news

Bitcoin price rally stalls as gold nears record $3.1K

Bitcoin again fails to copy a gold rally as risk assets sag over US trade tariffs, but traders see BTC price gains taking the market past $90,000 next. Bitcoin faced mixed forces on March 27 as a combination of fresh US trade tariffs and macroeconomic data weighed on risk assets. Data from TradingView showed BTC price volatility returning at the Wall Street open. BTC/USD displayed uncertain trading behavior in line with US stocks as the second revision of US Q4 GDP came in above the median forecast of 2.3%. At the same time, initial jobless claims fell short of estimates, potentially emboldening more hawkish financial policy from the Federal Reserve in the form of higher interest rates. However, the main talking point among market commentators was tariffs on non-US-made cars imposed by President Donald Trump. These added to existing concerns over a round of tariffs due to commence on April 2. “These tariffs are going to have MASSIVE implications,” trading resource The Kobeissi Letter wrote in part of its response on X, noting the UK’s $10 billion auto export market to the US. Already sensitive to tariff surprises, risk assets thus failed to climb, with the clear winner from the latest news being gold. XAU/USD hit new all-time highs of $3,059 per ounce on the day, repeating an existing trend of gaining while Bitcoin treads water. “Gold has now added +$7 trillion of market cap over the last 12 months. It's also nearing $21 trillion in market cap for the first time in history,” Kobeissi added. Some positive BTC price perspectives nonetheless remained on the day. Popular trader Titan of Crypto eyed a potential climb to $91,000 as part of an upside breakout from a “bullish pennant” on the 4-hour BTC/USD chart. This week, Titan of Crypto revealed a breakout on daily timeframes, ending a multimonth downtrend. Continuing on the latter theme, fellow trader Mikybull Crypto gave a BTC price target of $112,000. BTC/USDT perpetual swaps 4-hour chart. Source: Titan of Crypto/X Source: CoinTelegraph Futures Market Updates Near $100M in long positions was liquidated in the last 24 hours due to an interrupted ETH price movement. Bitcoin Futures Updates Total BTC Open Interest: $56.97B (-1.72%) BTC Volume (24H): $88.61B (-2.82%) BTC Liquidations (24H): $28.14M (Long)/$15.77M (Short) Long/Short Ratio: 49.17%/50.84% Funding Rate: 0.0016% Ether Futures Updates Total ETH Open Interest: $22.03B (-4.80%) ETH Volume (24H): $35.53B (-2.13%) ETH Liquidations (24H): $82.02M (Long)/$7.72M (Short) Long/Short Ratio: 48.34%/51.66% Funding Rate: 0.0040% Top 3 OI Surges TUT: $72.14M (+377.92%) VIDT: $13.53M (+132.79%) SAFE: $36.50M (+130.60%)

Bitcoin Under Pressure as Goldman Trims Fed Rate Cut Expectations, BofA Sees Potential Hike After Blowout Jobs Report

Bitcoin (BTC) started the new week on a negative note as major investment banks reassessed their expectations for Federal Reserve (Fed) rate cuts following Friday's strong jobs report. The leading cryptocurrency by market value dipped below $93,000 during the European hours, representing a 1.6% drop on the day. Prices looked set to test the support zone near $92,000, which has consistently acted as a floor since late November. In traditional markets, futures tied to the SP 500 traded 0.3% lower, pointing to an extension of Friday's 1.5% drop that pushed the index to the lowest since early November. The dollar index (DXY) neared 110 for the first time since late 2022, with elevated Treasury yields supporting further gains. Data released Friday showed nonfarm payrolls increased by 256,000 in December, the most since March, surpassing expectations for 160,000 job additions and the previous figure of 212,000 by a big margin. The jobless rate declined to 4.1% from 4.2%, and the average hourly earnings came in slightly lower than expected at 0.3% month-on-month and 3.9% year-on-year. That prompted Goldman Sachs to push out the next interest rate cut to June from March. "Our economists now expect the Fed to cut just twice in 2025 (Jun/Dec vs Mar/Jun/Dec previously), with another rate cut in June 2026, Goldman's Economic Research note to clients on Jan. 10 said. "If December's FOMC decision marked a significant shift back towards inflation in the Fed's relative weighting of risks, the December jobs report may have completed the pendulum swing. The soft average hourly earnings figure kept the print from sending a more alarming re-heating signal, but the case for cutting to mitigate risks to the labor market has faded into the background," the note explained. Source: CoinDesk Futures Market Updates More bulls were eliminated after a better-than-expected U.S. job report. Bitcoin Futures Updates Total BTC Open Interest: $56.76B (-0.40%) BTC Volume (24H): $147.61B (+153.45%) BTC Liquidations (24H): $104.78M (Long)/$56.76M (Short) Long/Short Ratio: 49.16%/50.84% Funding Rate: 0.0083% Ether Futures Updates Total ETH Open Interest: $28.52B (-2.80%) ETH Volume (24H): $69.92B (+177.59%) ETH Liquidations (24H): $140.67M (Long)/$56.80M (Short) Long/Short Ratio: 47.65%/52.35% Funding Rate: 0.0058% Top 3 OI Surges AVAAI: $16.53M (+242.30%) A8: $3.05M (+110.06%) OVER: $92.32K (+81.37%)

Bitget Hot Takes (October 03 - October 09)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts. Bitget Hot Takes last week can be found here. Central Themes • The mess of the week: Celsius. • BNB cross-chain bridge exploited for 2 million BNB. • FTX now offers DXY perpetual futures. • U.S. Job Report out; Bitcoin failed to hold the US$20K mark. • Mt.Gox repayment is planned to take place next year after creditors’ registration deadline on January 10, 2023. BGB Had The Lowest Number Of Loss Days Last week was clearly not the most brilliant time of the year for exchange tokens, with almost all experiencing a red Sunday. The least worst performers of the week are FTT (-0.65%) and BGB (-0.82%). The others’ losses are recorded at over 1.25% WoW, and 4-5 days of red in the last 7 days: BNB (4 days), FTT (5 days) and KCS (5 days). Not only were BGB losses controlled below minus 1%, but the token also recorded the lowest number of loss days at 3, together with OKB. BGB has continuously demonstrated its ability to resist the broader bearish sentiment, which is a sufficient reason to hold BGB as a hedge for your wealth. Unconvinced? Below are our BGB reports for the last months: BGB Sail: August Edition BGB Sail: July Edition BGB Sail: June Edition BGB Sail: May Edition The Week’s Biggest Stories This is the third consecutive week of falling global crypto spot volume (-27.21%), even though the global market capitalisation reached the highest of US$972 billion on Thursday (October 6). Bitcoin’s highest price stood at US$20,494.05 on October 4, but couldn’t keep the US$20K for longer than three days, especially after the release of the U.S. Non-Farm Payroll Data for September 2022. The key takeaways of this report - employment increased by 263,000, jobless rate went down by 3.5% and average hourly earning increased by 0.3% MoM and 5% YoY - appear to be much more positive than expected, and will most likely encourage FED’s aggressive actions. However, it’s nice to see the biggest cryptocurrency holding the line; we are still exploring the tight range between US$19,000 and US$21,000 over the last seven days, with little movements on the weekend. BTC still achieved a weekly growth of 0.54%. Source: TradingView Related to the topic, Mt. Gox trustee has announced the first step of the rehabilitation plan here, a move supported by several crypto exchanges. With everything seeming to be so volatile right now, Treasury bills suddenly become sexy again with the 4% yields recently recorded. Tether’s CTO reveals that 58.1% of the company’s holdings are made up of the U.S. T-bills as of September 30, 2022. Another crypto big name to venture into TradFi assets is MakerDAO. A proposal approved by MAKER holders last week has authorised the 1 million DAI (equivalent to US$1 million) pilot transaction to buy liquid short-term U.S. T-bills and investment-grade corporate bonds. Meanwhile, a new regulatory framework for digital assets is about to be established in the Eurozone. The MiCA bill, which was already passed by the European Council on October 5, will go through a voting process by the European Parliament Committee on Economic and Monetary Affairs this week. The focus of this bill falls heavily on stablecoins and crypto asset service providers. In the U.S., the Commodity Futures Trading Commission (CFTC) received a motion from North California District Judge William Orrick to serve the DAO members, i.e. deliver the complaint and relevant documents, via chatbot and forum posts. The Securities and Exchange Commission also charged Kim Kardashian for ‘unlawfully touting crypto security’ named EthereumMax (EMAX) on Instagram, which the reality TV star agreed to settle for US$1.26 million, but that should also mean more complications in her other case regarding EMAX as well. The project, on the other hand, definitely benefited from the charge, seeing a jump of 63% on October 4 to US$0.00000000702 and closing the week with a 7% rise in profits. On another note, giants in the traditional market are increasingly interested in entering the metaverse. Hugo Boss recently announced the partnership with Imaginary Ones, a well-known Web3 project, to create its first-ever NFT collection named "Embrace Your Emotions" (EYE). The collection, which consists of 1001 NFTs and offers a new 360-degree metaverse experience, is scheduled to launch in November this year. Another industry leader, Warner Music Group, also shows their plans to further penetrate the metaverse scene by looking to recruit a metaverse development director. BNB Cross-chain Hack Concerns around crypto cross-chain bridges rose again after BNB Chain suffered an exploit on October 7, 2022. In summary, the hacker(s) took advantage of a vulnerability in the Binance Token Hub (the native cross-chain between BNB Beacon Chain and BNB Smart Chain), leading to a 3% decrease in BNB value right afterwards. A full report on the event is available here. Acala, the Solana-based project that suffered a security exploit last month, has announced the resumption of all functionalities and aUSD’s fit state. The Bothersome Celsius In their filing with the U.S. Bankruptcy Court, Celsius set the final deadline for the auction of its assets on October 17, 2022. The company’s deficit is disclosed at US$1.2 billion according to the July filing, whereas the execs were able to withdraw nearly US$30,000 before customer withdrawals were frozen. That piece of information is available in its Statement of Financial Affairs to the Court on October 5, together with customer personal info and transaction data. The whole crypto community is filled with rage as the filing exposes all CEL users in 14,000 pages. Lots Of Step-downs Apparently, the Celsius saga does not end there. One week after Alex Mashinsky (Celsius’ former CEO) announced his resignation, he was joined by Celsius’ co-founder Dan Leon. Other departures that made the headline last week include: • Bitcoin investment firm NYDIG’s CEO and President • FTX’s Head of OTC and Institutional Sales • Bridgewater Associates’ co-CIO Ray Dalio • OpenSea’s CFO Crypto Stocks And New Funds Bitcoin mining firm Marathon Digital Holdings stocks (MARA) has published a statement on October 6, saying that they invested US$31.3 million in the rankrupt data centre Compute North via convertible preferred stocks and an unsecured senior promissory note and paid US$50 million in operating deposits. However, MARA still saw a return of 5.42% compared to the -6.38% of Riot Blockchain stocks (RIOT). Crypto stocks in general had a profitable week, even Grayscale Trusts. Speaking of whom, the company is launching a new ‘private, co-investment’ product that focuses on Bitcoin mining hardware. Investing in Bitcoin is still appealing to institutional investors, with NYDIG Institutional Bitcoin Fund LP having raised US$719.9 million since 2018, according to their SEC filing. Web3 is another talk of the town as Bitwise announced their new ETF with focused exposure to Web3. The Latest Bitget News New Bitget Launchpools are live: Stake BGB to earn VINU and Stake VINU to earn VINU! Bitget ABCs is the new program where you can request the listing of your favourite tokens and express your loyal support! Check out the compiled list from A-H here - all are available on Bitget Spot Trading! Don’t forget that we are charging 0% spot fees and even offering additional trading rewards for newly listed tokens, BGB Airdrop, and up to 48% APY for Flexible Savings subscribers! New Listings Spot Trading GMXUSDT SSVUSDT WAXLUSDT KDAUSDT ONEUSDT PLEXUSDT Fan Token Zone BRAZILUSDT SNFTUSDT ARGUSDT Futures Trading JASMYUSDT STGUSDT LUNCUSDT ONEUSDT New Events Halloween Referral For $25 Each Receive $500 As You Become The New Copy Trader Extra Benefits For New Users Bitget x Trading High: 110 USDT In Bonus Available For Each User The Upgraded VIP Referral Program Good Reads Swing Trading Or Day Trading? What Are The Bitcoin Layers? What Is A Crypto Faucet? APR versus APY Bitget's Insights: October Crypto Market Predictions Follow us for the latest updates: Twitter | Telegram | LinkedIn | Facebook | Instagram