Crypto Market Update: Bitcoin Surges Past $110,000 Ahead of Key Jobs Report

Due to the upcoming July 4 holiday, Crypto Daybook Americas will take a break on Friday and resume on Monday, wishing a happy Independence Day to our U.S. readers. By James Van Straten (all times are in ET unless specified otherwise). Bitcoin, with the symbol BTC, reached a high of $110,000 for the first time since June 11 and is now close to its all-time high of $112,000, which was achieved on May 22. The dominance of Bitcoin in the market has decreased from its peak of over 66% on June 22 to just above 65%, reflecting its market capitalization relative to the entire cryptocurrency market, with a current market cap of $2.2 trillion. Today's significant economic event is the release of the U.S. jobs report, with nonfarm payrolls expected to have increased by 110,000 last month, the smallest gain in four months and a decrease from the 139,000 increase in May. The unemployment rate is expected to rise to 4.3%, up from 4.2%, which would be the highest since October 2021. Over the past 12 months, the unemployment rate has remained between 4% and 4.2%. The report has been released a day early due to the July 4 holiday weekend, which is expected to result in reduced trading volumes. The New York Stock Exchange and Nasdaq will close at 1 p.m. today, and bond markets will close at 2 p.m., with all markets remaining closed on Friday, July 4. Ahead of the report's release, markets anticipated a 75% chance that the Federal Reserve would maintain interest rates at 4.25%-4.50% during its meeting on July 30. According to HTX Research, on-chain flows remain stable, indicating that major players are waiting for further signals from this week's Non-Farm Payrolls and Initial Jobless Claims data. The market is currently navigating between two potential scenarios. If labor data weakens, a confirmed September rate cut could lead to a renewed rally in BTC, according to HTX. Conversely, if NFP surprises on the upside, a drop below $104,000 could trigger a technical correction. Overall, Bitcoin is at a critical juncture, influenced by renewed capital inflows, rising speculative interest, and diverging macroeconomic expectations. The coming days may be pivotal in confirming the next major trend in the market. Stay alert. What to Watch: Token Events, Conferences, including TheCoinDesk Policy & Regulation conference on September 10, and other market updates.