Good morning! The crypto market extended its rally this week, with Bitcoin climbing 2.15% to $118,700 and the broader CoinDesk 20 index rising 2.33% over the last 24 hours.
The surge is primarily attributed to weaker-than-expected U.S. labor data (ADP reported a 32,000 job decline) and the ongoing government shutdown, which has fueled expectations for a Federal Reserve rate cut.
Data from the CME's FedWatch tool now puts the odds of a 25 basis point rate cut this month at 99%. This dovish macroeconomic environment, coupled with stability despite the shutdown, is bolstering risk assets like crypto.
Derivatives markets reflect this bullish sentiment with open interest hitting an all-time high of $216 billion, and spot crypto ETFs seeing over $2.3 billion in net inflows this week.
Technical analysis suggests a shift favoring the bulls for Bitcoin, which broke past a bearish order block on the daily chart. Meanwhile, XPL token's team has refuted claims of insider selling following on-chain data suggestions, and the overall market prepares for a historically dynamic and volatile month for Bitcoin.
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Crypto Daybook Americas: A newsletter from CoinDesk
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