Cryptocurrency Markets Decline Ahead of U.S. Jobs Data
- Bitcoin traded around $108,000, down roughly 1.7% over the past day.
- Ethereum slipped about 3.5% to near $3,750.
- Treasury Secretary Scott Bessent suggested high interest rates might be straining parts of the economy.
- On-chain data shows Bitcoin remains below a key $113,000 cost-basis level.
- U.S. employment report expected on Friday could impact future rate decisions.
Cryptocurrency markets softened as traders positioned for the upcoming U.S. jobs report and reacted to comments from Treasury Secretary Scott Bessent regarding economic pressures from high interest rates. Investors are cautious ahead of potential rate cuts that may signal either economic strength or stress.
With Bitcoin unable to surpass its short-term holders’ cost basis at $113,000, market sentiment remains subdued, reflecting limited risk appetite in smaller tokens as well ((Source).
