Crypto Pauses, NFP Could Be a Game Changer
The crypto market moved cautiously on Friday as investors awaited the release of the US Nonfarm Payrolls (NFP), which could alter expectations for the Fed's interest rates—a factor that typically has the biggest impact on riskier assets like crypto.
Price-wise, Bitcoin (BTC) hovered around US$90,199, Ethereum (ETH) US$3,085, Solana (SOL) US$138, XRP US$2.09, and BNB US$886.
Sentiment was also weighed down by a reversal in ETF fund flows. Several reports cited large outflows from spot Bitcoin ETFs in recent days, which helped cool the early-year rally and trigger profit-taking.
On the macro front, the market is looking to employment data to determine whether the likelihood of an interest rate cut will strengthen or weaken. A weaker NFP could strengthen the "rate cut" narrative and support crypto; a stronger NFP could strengthen the dollar and yields, depressing crypto prices.
Essentially, today, crypto seems to be waiting for a "trigger": ETF flows (whether outflows continue or inflows reverse) and the NFP results (whether the Fed's chances of easing increase). Without these two, the market tends to be sideways and easily swayed by headlines.
Source: Newsmaker.id
