In a latest crypto market news update, US JOLTS Job Openings data comes in lower than expected. At 7.181 million it signals a weakening labor market in the United States.
As a result, Bitcoin, Ethereum, XRP, and altcoins saw a much-needed rebound on Wednesday.
The weak jobs report could likely fuel the odds of more Fed rate cuts this year. Will the U.S. Federal Reserve resume with larger interest rate cuts in September?
Strong US Jobs Data Fuels September Fed Rate Cut Hopes
The U.S. Bureau of Labor Statistics released the JOLTS Job Openings report on September 3.
As per the report, the number of job openings fell to 7.181 million in July, below the market expectations of 7.4 million.
The jobs data confirmed a softer labor market in the United States. This would prompt the Federal Reserve to resume interest rate cuts in September.
At the time of writing, the CME FedWatch Tool showed more than 97% probability of a Fed rate cut by 25 bps on September 17. However, the odds of rate cuts this year stayed at two.
The U.S. Dollar Index (DXY) dropped to 98.37 after market-favorable jobs data. The 10-year US Treasury yield fell to 4.23%, after advancing above 4.295% earlier.
The 30-year US Treasury yield hit 5% today amid fiscal concerns. Gold price hit a new ATH above $3,600 on Wednesday amid tariffs, rising treasury yields, and debt jitters.
Matrixport sets gold price target to $4,000 amid massive demand due to volatility and uncertainty ahead of Fed rate cuts.
Crypto Market News: Bitcoin Price Rebounds
Bitcoin price jumped more than 0.5% after the Jobs report, extending the 24-hour jump to over 2%.
The price was trading at $111,825 at the time of writing, with an intraday low and high of $110,201 and $111,900, respectively.
However, trading volume decreased by 6% in the last 24 hours, indicating uncertainty persists in among traders.
In further crypto market news updates, Coinglass data revealed modest buying in the derivatives market.
At the time of writing, the total BTC futures open interest jumped 0.57% to $81.34 billion in the last 24 hours.
4-hour BTC futures OI on CME and Binance climbed more than 0.20% and 1.65%, respectively. This signals cautious trading among derivatives traders.
K33 Research director Vetle Lunde warned that tariffs and US economic data releases could trigger Bitcoin price declines in September, with support at $101,000 and $94,000 in focus.
The crypto community turned bullish on Bitcoin and crypto market recovery as Mad Money host Jim Cramer calls September a seasonally weak month for markets.
Ethereum, XRP, Altcoins, Overall Crypto Market Recovery
The crypto market sees ETH price surge more than 2% in the last 24 hours, with the price trading at $4,431 at the time of writing. The 24-hour low and high were $4,260 and $4,454, respectively.
The derivatives market recorded massive buying activity. At the time of writing, the total ETH futures open interest jumped 1.40% to $58.87 billion in the last 24 hours.
4-hour ETH futures OI on CME and Binance climbed more than 1.60% and 1.30%, respectively. This indicated positive sentiment among derivatives traders.
Meanwhile, XRP, Solana, and other altcoins also saw a slight rebound after the JPLTS jobs report. XRP was up 1.16% to $2.86, SOL soared over 3% to $211, and BNB jumped 1% to $845.