Americas Crypto Daybook: Employment Figures Take Center Stage as Bitcoin Remains Unfazed by Eric Trump's Endorsement

By Omkar Godbole (all times ET unless otherwise specified) The cryptocurrency market is currently stagnant, with bitcoin trading at $87,092.71, below the $100,000 threshold ahead of the U.S. jobs report. It is surprising that prices have not yet surpassed this milestone, especially after Eric Trump, the son of President Donald Trump, encouraged investment in BTC through a post on X on Thursday. Typically, such endorsements during a bull run lead to significant gains. The fact that this has not occurred suggests that markets are no longer driven by mere talk and require tangible actions from Trump. Earlier this week, the administration announced that it is assessing the feasibility of establishing a strategic bitcoin reserve. Another possibility is that caution prior to the release of nonfarm payroll data is limiting the upside. If this is the case, a potential breakout may occur once the data is released, particularly if the figure is weaker than expected, which could lead to a decrease in Treasury yields and the dollar index. The crypto newsletter service LondonCryptoClub recommends monitoring revisions to previous figures. "Bloomberg Intelligence anticipates significant downward revisions, indicating that the labor market in 2024 was not as strong as initially thought. We believe that the market, as well as the Fed, are significantly underestimating the need for future rate cuts," the founders of the newsletter service stated on X. At the time of writing, Volmex's one-day bitcoin implied volatility index stood at an annualized 51%, indicating a potential daily price swing of 2.6%, or approximately $2,600. In other words, this figure could result in a $2,600 price movement in either direction. Notably, some traders are purchasing put options in anticipation of potential downside volatility should the data come in strong. In other news, the "Strategic Bitcoin Reserve" bill has passed the House in the state of Utah and will now proceed to the Senate. According to Bloomberg ETF analyst James Seyffart, the U.S. SEC has acknowledged Grayscale's Solana 19b-4 filing. VanEck has also predicted a price of $500 for SOL, more than double its current value of around $180. Additionally, FOX reporter Eleanor Terrett reported that U.S. House Financial Services Committee Chairman French Hill and Digital Assets Subcommittee Chairman Bryan Steil have released a discussion draft for stablecoin regulation, which proposes a two-year ban on stablecoins backed solely by self-issued digital assets and mandates a Treasury study on their associated risks. Furthermore, Berachain's BERA token, which debuted yesterday, has already recorded a staggering perpetual trading volume of $4.8 billion, with its price currently sitting at $7.60, a significant decline from yesterday's peak of $14. Remain vigilant. Key Events to Watch Token Events Upcoming Conferences CoinDesk's Consensus will take place in Hong Kong on February 18-20 and in Toronto on May 14-16. Use the code DAYBOOK to receive a 15% discount on passes. Token Talk By Shaurya Malwa Binance has launched $TST. pic.twitter.com/3xF6P6y5Ep Derivatives Positioning Market Trends Bitcoin Statistics Technical Analysis Crypto Equities ETF Flows Spot BTC ETFs Spot ETH ETFs Source: Farside Investors Overnight Market Movements Chart of the Day While You Were Sleeping In the Ether