Strong rallies across the board earlier in the week but markets are now settling down in anticipation of Non-Farm Payrolls later today. The Dow, S&P 500 and Nasdaq Composite all hit record highs on Wednesday before drifting lower yesterday, tech stocks once again the primary drivers behind the surge.
In a historical event, Bitcoin smashed through $100k in the early hours of Thursday morning. Unfortunately the rally did not sustain itself, with prices falling back below six figures less than 24 hours later. Crypto markets have enjoyed an almost continuous upswing since the US election and the jubilation continued this week following the news that president-elect Donald Trump has named Paul Atkins to lead the Securities and Exchange Commission, replacing outgoing incumbent Gary Gensler. The incoming SEC chair is vocally in favour of free-market principles and has a much more favourable view on cryptocurrencies, in stark contrast to Gensler. He is also a member of Token Alliance, a pro-crypto lobbying group.
Despite the attention-grabbing headlines, focuses have already begun to shift away from Bitcoin and towards the larger crypto markets. Bitcoin dominance has fallen from highs of 61% down to 55% currently and many altcoins have started catching up on the action.
Federal Reserve Chair Jerome Powell spoke on Wednesday afternoon, once again citing the strength of the US economy and progress on inflation as reasons to be cautious with regards to lowering rates. The next decision is just under two weeks away and markets are widely expecting a 25 bps cut. The Dollar settled lower yesterday, as did gold and crude oil. Attentions are now firmly focused on the NFP release later today. All hands on deck.
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