Cryptocurrency Market Ahead of NFP Report, Bitcoin Fluctuates Around $64,500
Prefer us on GoogleThe cryptocurrency market is in a relatively calm state ahead of the release of the U.S. Non-Farm Payroll (NFP) report, with Bitcoin (BTC) fluctuating around $64,500. Macroeconomic variables are acting as serious obstacles to market gains. The rise in Brent crude oil prices due to uncertainties surrounding the Strait of Hormuz has heightened inflation concerns, and the surge in the yield of 10-year U.S. Treasury bonds above 4.7% has created tough conditions for risky assets and the overall crypto market. Major Bitcoin network miners have transferred their assets to exchanges, imposing fresh supply pressure on BTC. As the excitement around AI stocks slows down, investors have shifted towards precious metals; gold has advanced to around $4,300, and silver has reached nearly $65. Additionally, an influx of $750 million into Bitcoin spot funds and an accumulation of $1.2 billion by large holders have been recorded.
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