Crypto market rebounds as weak jobs data dims Fed rate-hike outlook
Bitcoin recovered to $61,600 on Friday, up 6.5% from Tuesday’s low of $57,750, as weak U.S. jobs data on Thursday reduced expectations for a Federal Reserve interest-rate increase. Ether rose 11.5% since Tuesday and gained 2.6% on Friday alone, while Uniswap surged 11% on doubled trading volume following a partnership announcement with Robinhood.
The macroeconomic shift drove broad-based gains across crypto markets. Solana extended its weekly gain to 17%, trading at $80 after dropping to $68 earlier in the week. Altcoins including ADA, ZEC, and DASH gained between 2.2% and 3.1%. AI tokens FET, RENDER, and TAO rose between 1.5% and 2.3%.
Uniswap was confirmed as the primary automated market maker (AMM) for Robinhood’s layer-2 blockchain. The announcement drove Uniswap’s daily trading volume to $320 million, double its prior level. Robinhood did not immediately provide additional details on the partnership or its timeline.
Derivatives markets reflected the shift in sentiment. Ether accounted for $160 million of $417 million in 24-hour liquidations, indicating that heavily bearish positioning was squeezed out. Bitcoin liquidations notched $97 million in the same period. Ether futures open interest stood at 14.31 million, the highest level since June 10, while annualized funding rates nearly reached 10% for ether.
Dogecoin futures open interest tallied 14.13 billion tokens, the highest since May 16, signaling renewed interest in the meme asset. Both bitcoin and ether 30-day implied volatility indexes continued to slide, reversing a June spike and signaling market calm.
Bitcoin’s largest gains occurred Thursday, when the weak jobs data was released. Friday’s advance was more muted, suggesting some consolidation after the initial bounce. Bitcoin needs to trade above $67,000 and then $81,000 to reverse the broader downtrend that has defined recent price action.
The broader market structure remains bearish across the majority of crypto tokens following a succession of lower highs and lower lows. The CoinMarketCap Altcoin Season indicator stood at 46 out of 100, reflecting mixed sentiment. Most tokens showed positive cumulative volume delta (CVD), a sign of bulls’ leadership in the market, though Hedera (HBAR) posted the most negative 24-hour CVD among major assets, indicating bears were becoming more aggressive in shorting.
Nasdaq 100 futures lifted 1.9%, reflecting broader risk-on sentiment that supported crypto assets alongside traditional equities.
