Crypto markets slid as Bitcoin and Ethereum came under pressure ahead of a key US employment report and fresh comments from Treasury Secretary Scott Bessent suggesting parts of the US economy, notably housing, may already be in recession. Traders believe the remarks and the prospect of weaker hiring heightened uncertainty about the timing and scale of future rate cuts, prompting a defensive rotation out of riskier digital assets. Ethereum, meanwhile, tumbled to roughly $3,750, marking a decline of about 3.5 percent.
According to UNN website, Bitcoin’s drop to $107,000 underscores the broader market downturn. In October, Bitcoin recorded a decline of roughly 5 percent, marking its first loss during the traditionally bullish “Uptober” month since 2018. Despite dropping to approximately $107,000 amid macroeconomic pressures, Bitcoin remains significantly higher compared to its level at the start of the year.
The recent trade agreement between the US and China had minimal effect on cryptocurrency price growth. By the end of October, Bitcoin’s price on Coinbase Global Inc, a leading US-based cryptocurrency exchange, fell below the global market average, resulting in a negative Coinbase premium.
A negative premium typically reflects weak market demand and heightened selling pressure on Bitcoin. Historically, such a trend has only appeared during sustained periods of market weakness, signaling caution for investors.
According to Emegypt website, Investors are exercising caution ahead of US jobs report, which is expected to show slower hiring while keeping unemployment steady. Bitcoin’s struggle to break the key $113,000 level signals weakening demand and potential for further declines. The report will be pivotal in shaping market sentiment, guiding expectations for rate cuts, and influencing the near-term trajectory of cryptocurrencies like Bitcoin and Ethereum.
During their meeting in Busan, South Korea, US President Donald Trump and Chinese President Xi Jinping agreed to trim US tariffs on Chinese goods, reducing the overall rate from about 57 percent down to roughly 47 percent, in exchange for China pausing new export controls on rare earths and resuming purchases of American goods.
