On Tuesday, the cryptocurrency market was in a narrow fluctuation mode. Bitcoin’s early trading price was close to $63,000. After comments from Powell, it saw a decline, reaching a low of $61,730 in the afternoon. As of the time of writing, it had rebounded to $61,901, with a 24-hour decline of nearly 2%.
Most altcoins followed Bitcoin’s decline, with more tokens in the top 200 by market capitalization falling than rising. BinaryX (BNX) stood out with a 21.4% increase, trading at $0.9755. Arcblock (ABT) rose by 9.8%, and Helium (HNT) by 6.5%. Pendle (PENDLE) experienced the largest decrease, falling by 14.1%, followed by ether.fi (ETHFI) down by 10.3%, and Aave (AAVE) down by 8.3%.
The total cryptocurrency market capitalization is currently $2.29 trillion, with Bitcoin holding a market share of 53.2%. In the US stock market, at closing, the S&P, Dow Jones, and Nasdaq indices all rose by 0.62%, 0.41%, and 0.84% respectively, with the S&P and Nasdaq Indices hitting record highs at the close.
New data from the US Bureau of Labor Statistics shows that by the end of May, there were 8.14 million job vacancies in the US, up from 7.92 million in April. Market observers are now anticipating the June employment report due on Friday, hoping it will provide more evidence of a cooling labor market to support a rate cut.
Powell’s remarks earlier in the day noted that cooling inflation was encouraging, hinting at a potential shift towards deflation. However, he refrained from commenting on the timing of the first rate cut, emphasizing the need for more evidence before any decision.
ETC Group’s Research Director, André Dragosch, commented on the recent labor market trends, expressing caution given the unexpected negative growth and implications for global growth expectations and potential economic recession risks.
Meanwhile, in the cryptocurrency markets, analyst projections suggest Bitcoin may encounter resistance around $65,000. Independent analyst Ali Martinez also echoed similar sentiments, anticipating resistance above $65,000.
Analyst Blockware Intelligence stated that short-term resistance could be expected around $65,000, with speculative market