Bitcoin dips, Asian shares ahead of key US jobs publication
Crypto Reporter
Shalini Nagarajan
Crypto Reporter
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Bitcoin fell to around $91,000 on Friday, as Asian markets opened slightly higher and traders weighed in on further outlooks, the U.S. nonfarm payrolls report and a possible Supreme Court decision on President Donald Trump's tariffs.
Early activity has been measured in the region. Shanghai was up 0.58%, SZEE shares added 0.36%, and Hong Kong's Hang Seng gained 0.40% to 26,254.50.
China A50 showed a more cautious tone in large-caps, with a slide of 0.16%.
Investors treat crypto the same way. After a volatile start to the year, prices have moved in a narrow band, with positioning leaning towards a wait-and-see stance ahead of macro headlines.
Market overview
Bitcoin: $91,102, up 0.3% Ether: $3,111, down 1.3% XRP: $2.12, down 1.8% Total crypto market cap: $3.19 trillion, down 0.2%.
Bitcoin Rangebound Rate Market Tone as Payroll and Outlook Shape
According to Lin Tran, senior market analyst at XS.com, the current data tilts Bitcoin toward a cautiously upward bias rather than entering a deep bearish reversal.
“Bitcoin's consolidation range for the rest of January could fluctuate between $88,000 and $95,000,” she said.
In broader markets, Japan and Australia opened higher, and South Korea lagged. Trading gave no clue to global growth and U.S. prices as wages could reset expectations of how quickly the Federal Reserve will cut borrowing costs.
Wall Street sent a mixed signal. The S&P 500 was all but closed on Thursday, and the sell-off hurt big tech names like Nvidia, although defense stocks rallied after Trump called for a $1.5 trillion increase in the military budget.
The dollar holds firm as demand remains in check
Stock markets also reacted to Trump's separate comments. Treasury futures rose and debt-backed securities rallied after he said he was leading $200B in mortgage bond purchases.
Tariff history is also placed near the top of the risk calendar. The Supreme Court is likely to decide the fate of Trump's tariffs as early as Friday, and hundreds of companies are lining up in hopes of getting billions of dollars in back pay.
In the background, financial markets expect the Fed to cut rates by at least two quarter-points through 2026, supporting the dollar and leaving risky assets to trade on a tight leash.
Elsewhere, the dollar held on to gain from the previous session, as investors tracked developments in Venezuela and Iran, while silver pulled back from the week's record and gold held steady.
Fitch raised its U.S. growth outlook to 2.1% growth in 2025 and 2.0% growth in 2026, incorporating economic data from the end of last year's government shutdown.
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