Crypto Reporter
Shalini Nagarajan
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Bitcoin held just under $92,000 on Friday as traders weighed a heavy mix of labour data, central bank bets and choppy equity markets in Asia, Europe and the US.
Akshat Siddhant, lead quant analyst at Mudrex, said the crypto market continues to display strong resilience.
“Renewed whale accumulation is supporting the trend, as ETH whales have added over 450,000 ETH since mid-November, with BTC whales showing similar activity.”
“Even with the US labour market displaying solid strength, the odds for a rate cut this month stand at 93%, contributing to the buying pressure. A clear move above $96,000 could accelerate BTC’s momentum toward $100,000, opening the path for fresh highs,” he added.
Market snapshot
- Bitcoin: $92,387, down 1.2%
- Ether: $3,174, down 1.1%
- XRP: $2.09, down 4.6%
- Total crypto market cap: $3.22 trillion, down 1.3%
Japan’s Weak Spending Figures Drag Regional Equities Lower
In Asia, Japan’s Nikkei 225 fell about 1.5%, wiping out this week’s gains in a session that otherwise stayed subdued. MSCI’s broad index of Asia Pacific shares outside Japan slipped roughly 0.1%, although it remained on track for a modest gain of about 0.5% for the week.
Fresh data from Tokyo showed household spending in Japan fell at the fastest pace in nearly two years in October as inflation squeezed budgets. The yield on 10-year Japanese government bonds touched 1.94% early in the session, the highest since mid-2007, and was set for a rise of about 13.5 basis points for the week.
Recent auctions drew solid demand, suggesting investors are taking advantage of cheaper bond prices.
Chinese markets painted a mixed picture. The Shanghai Composite hovered near 3,875, down 0.02%, while the SZSE Component in Shenzhen added about 0.17%.
The China A50 index slipped 0.17%, DJ Shanghai edged up 0.12% and Hong Kong’s Hang Seng lost about 0.40%.
Europe Finds Support While US Traders Weigh Conflicting Data
Across Europe, futures pointed to a slightly firmer tone. DAX futures traded near 23,880, up about 0.79%, FTSE 100 futures gained 0.19%, CAC 40 futures rose 0.43% and Euro Stoxx 50 futures added roughly 0.41%.
US stock futures were mixed after Wall Street cash indices finished Thursday close to flat. Dow futures hovered around 47,850, down 0.07%, while S&P 500 futures inched up 0.11% and Nasdaq futures rose 0.22%.
Traders continued to chew over a series of US data releases. A Labor Department report showed initial jobless claims dropped to their lowest level in more than three years, although analysts said the Thanksgiving holiday may have distorted the figures.
A separate estimate from the Chicago Fed suggested the unemployment rate held near 4.4% in November.
Factory Orders Lag Forecasts As Traders Brace For Key Fed Decision
A delayed report from the Commerce Department showed factory orders rose 0.2%, missing expectations for a 0.5% increase, after an upward move in August was revised down to 1.3% as tariffs weighed on manufacturers.
The closely watched non-farm payrolls report will not arrive on Friday, with the November figures scheduled for after the Federal Reserve’s December meeting because of an extended government shutdown. Investors have turned to secondary indicators, even as the backlog of official data clears only slowly.
Fed funds futures now imply nearly a 90% chance of a 25-basis point rate cut next Wednesday, up sharply from pricing a month ago, and analysts describe the gathering as one of the most finely balanced meetings in years, with several policymakers having spoken publicly against further easing.
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