Bitcoin (BTC) bulls are trying to push the price back above the $58,000 mark after a sell-off the previous day.
U.S. Stock Market
Futures contracts in the stock market were mostly flat on Wednesday evening as Wall Street sought to regain momentum after a challenging start to September. Key labor market data is also being released this week.
S&P 500 futures rose less than 0.1%, while Nasdaq 100 futures edged up by about 0.1%, and Dow Jones futures gained 17 points, less than 0.1%.
These moves came after both the S&P 500 and Nasdaq Composite closed lower for the second consecutive session, falling by 0.16% and 0.3%, respectively. The Dow rose 38 points, or 0.09%, on Wednesday.
All three major indexes are down for the week, with a key jobs report on the horizon. On Thursday morning, investors will closely examine data on weekly jobless claims, while the non-farm payroll report for August is expected to be released on Friday.
The market seems sensitive to concerns about potential growth in recent weeks, including Tuesday’s sell-off following weak manufacturing data. That could heighten the importance of the jobless claims data, said Yung-Yu Ma, Chief Investment Officer at BMO Wealth Management.
Employment data could play a crucial role in the U.S. Federal Reserve’s (Fed) interest rate decision later this month. Ma stated that he still believes the U.S. economy is on track for a “soft landing,” and the market’s rally will eventually broaden. However, he added that there is likely to be continued market volatility in the near term.
Bitcoin and Altcoins
Bitcoin ended yesterday in the green, with a modest gain of nearly 1%.
After experiencing a strong sell-off that pushed the price down to $55,606, the lowest level since August 8, the leading asset has recovered back to near the $58,000 area at the moment.
Bulls are also trying to keep the price steady around this level to potentially aim for a new recovery in the near future.
The altcoin market recovered after a sharp drop yesterday.
Starknet (STRK) and Injective (INJ) led the way, with over 10% growth in the past 24 hours.
Aave (AAVE), Helium (HNT), Brett (BRETT), Dogwifhat (WIF), Akash Network (AKT), Conflux (CFX), Uniswap (UNI), Internet Computer (ICP), Popcat (POPCAT), JasmyCoin (JASMY), NEAR Protocol (NEAR), Solana (SOL), Jupiter (JUP), Arweave (AR), Pyth Network (PYTH), Lido DAO (LDO),… all saw increases of 5-9%.
After hitting a local bottom at $2,306, Ethereum (ETH) has rebounded by about 3%.
Bulls are working to push the price back above the psychological $2,500 mark, though they haven’t succeeded yet. ETH is currently trading around $2,450.
You can check the coin prices here.
