Oh My! Here’s What’s Cooking:
- Bitcoin (BTC) is snoozing below $100K, leaving traders yawning 😴
- CryptoQuant thinks BTC is pricier than a Wonka Bar 🍭
- Gold’s on a roll, aiming for six weeks of gains 🎉
- U.S. jobs data could shake things up, or not 🤷♂️
In the land of cryptocurrencies, Bitcoin (BTC) is having a dull daydream, unable to muster any excitement as whispers circulate about its inflated price. Meanwhile, gold is shining bright like a beacon, ready for another week of gains, just in time for the U.S. jobs report that could influence the Fed’s rate plans.
CryptoQuant, the wise owl of crypto analytics, suggests that BTC’s true worth is somewhere between a chocolate factory and a candy store ($48,000 to $95,000), making its current price of $98,000 seem a tad too rich for anyone’s taste. The Bitcoin Network Activity Index has taken a nosedive from its November high, down to 3,760 points – the lowest since last year. Daily transactions have dropped by half, falling to a mere 346,000 from September’s all-time high of 734,000.
After recovering from a Monday slump, BTC has been stuck in quicksand, unable to break free from the $100,000 mark. The market mood has been dampened, partly due to the Trump administration’s sluggish efforts to establish a BTC strategic reserve. Eric Trump’s recent pitch for investing in BTC through the family-affiliated World Liberty Financial did little to ignite any fireworks.
Gold, on the other hand, is basking in the limelight, soaring 9% higher this year to reach an all-time high of $2,882 per ounce. The precious metal is eyeing its sixth consecutive weekly gain, thanks to a 2.32% boost this week. UBS observes that gold’s ascent highlights its “timeless charm as a safe haven and hedge against uncertainty,” luring investors away from Bitcoin’s lackluster performance.
Nonfarm Payrolls: The Showstopper 🎭
This Friday, the nonfarm payrolls (NFP) report will reveal the January employment landscape, with forecasts predicting a slowdown in job growth to 170,000 from December’s 256,000. The unemployment rate is expected to hold steady at 4.1%, while average hourly earnings are forecasted to climb by 0.3% month-on-month, matching December’s pace.
A disappointing NFP could lead traders to question the likelihood of quicker Fed rate cuts, causing the 10-year Treasury yield to tumble. This might spark interest in riskier assets such as stocks and bitcoin. The 10-year yield could take a nosedive, given the Trump administration’s focus on reducing it.
However, if the data exceeds expectations amidst tariff threats, it could create a headache for the Fed, potentially sparking risk aversion.
Read More
- INJ PREDICTION. INJ cryptocurrency
- SPELL PREDICTION. SPELL cryptocurrency
- How To Travel Between Maps In Kingdom Come: Deliverance 2
- LDO PREDICTION. LDO cryptocurrency
- The Hilarious Truth Behind FIFA’s ‘Fake’ Pack Luck: Zwe’s Epic Journey
- How to Craft Reforged Radzig Kobyla’s Sword in Kingdom Come: Deliverance 2
- How to find the Medicine Book and cure Thomas in Kingdom Come: Deliverance 2
- Destiny 2: Countdown to Episode Heresy’s End & Community Reactions
- Deep Rock Galactic: Painful Missions That Will Test Your Skills
- When will Sonic the Hedgehog 3 be on Paramount Plus?
2025-02-07 10:07