Job market freezes, rate cut expectations help Bitcoin stabilize at 93K

The three major US stock indexes closed higher yesterday (12/3), as the latest ADP employment data strengthened investors’ confidence in a Fed rate cut 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 panic has slightly eased, and as the Fed ended quantitative tightening on 12/1, the correlation between Bitcoin and the S&P 500 has increased again.

Job Market Freezes, Traders Bet on Rate Cut Next Week

The ADP report stated that private sector employment unexpectedly decreased by 32,000 jobs in November, while economists had previously forecast a median increase of 10,000 jobs. Despite the weak data, traders are betting that the decline in private sector job opportunities will prompt the Fed to implement a significant rate cut at the 12/10 meeting.

David Russell of TradeStation said:

“Months of uncertainty and tariff policies have dealt a heavy blow to the real economy. While AI has supported some economic sectors, many small businesses have not benefited. The fact that wages haven’t declined indicates this is a crisis of confidence in certain sectors, rather than a result of actual recession.”

On Friday, the September Personal Consumption Expenditures Price Index (PCE) and the core index excluding food and energy will be released. Economists expect the core index to rise 0.2% for the third consecutive year, keeping the annual increase just below 3%, indicating that inflationary pressures are stable but sticky.

Mark Hackett of Nationwide said:

“This still feels like a ‘buy the dip’ market: the backdrop is strong, technicals have rebounded, and valuation concerns are basically limited to the mega-cap tech stocks.”

Bitcoin at 93K, BNB Successfully Regains $900

The total crypto market cap rose 2.57%, with Bitcoin surging to $94,150 this morning, driving the overall market upward. Ethereum rose 5.76% in 24 hours, trading at $3,182 at press time.

At Binance Blockchain Week (Binance Blockchain Week) in Dubai, crypto exchange Binance announced major personnel changes: co-founder Yi He (Yi He) has been appointed Co-CEO (Co-CEO), joining Richard Teng to drive Web3 infrastructure, accelerate global expansion, and pursue the vision of 1 billion users. BNB successfully regained the $900 level, up nearly 6% in 24 hours.

(Binance co-founder Yi He appointed Co-CEO, joining Richard Teng to pursue the vision of 1 billion users))

Market panic has slightly eased, and as the Fed ended quantitative tightening on 12/1, the correlation between Bitcoin and the S&P 500 has increased again.

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