AI Image
on mode as bitcoin (BTC) dominance nears return to 60%
CoinDesk • • business
Key Points:
- Bitcoin dominance is approaching 60%, indicating increasing trader confidence and a shift from stablecoins like USDT, which has dropped to 6.3%, toward riskier crypto assets.
- Bitcoin rose 3.4% to over $86,000 ahead of the U.S. jobs report, with other major cryptocurrencies also gaining, though smaller altcoins such as SKY, AAVE, and APT saw the largest percentage increases.
- The U.S. nonfarm payroll report, expected to show 90,000 jobs added in September, could influence Treasury yields and interest rate expectations, which in turn may impact bitcoin’s price trajectory.
- Derivatives data reveals rising open interest and funding rates, signaling increased leveraged bullish positions, but $344 million in liquidations over 24 hours highlights the potential for volatility.
- Market sentiment remains cautiously optimistic with a reduced chance of an October rate hike, supporting risk assets like bitcoin, though significant deviations in payroll data could shift this outlook.
