Bitcoin stalls at $64k as payrolls test looms
Investing.com-- Bitcoin fell slightly on Friday and remained in a tight trading range ahead of key U.S. payrolls data that is likely to factor into expectations for interest rates.
The world’s largest crypto fell 0.7% to $64,404.2 by 02:21 ET (06:21 GMT). The crypto was set for a 2.5% increase this week, but remained largely pinned within a $62,000-$65,000 trading range.
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Crypto markets were pressured by waning optimism over an Iranian deal to reopen the Strait of Hormuz, as no agreement appeared to be reached despite U.S. assertions that a deal was close.
Most other cryptos were also set for mild gains this week.
Nonfarm payrolls awaited for rate cues
Crypto markets turned largely rangebound in anticipation of key U.S. nonfarm payrolls data due later on Friday.
The print is expected to show a mild uptick in job growth from the prior month, although overall growth is still expected to remain weak.
The payrolls data is likely to factor into expectations for U.S. interest rates, given that jobs and inflation are the Federal Reserve’s biggest considerations for adjusting interest rates.
The Fed’s last meeting showed policymakers growing increasingly concerned over sticky inflation. Any signs of resilience in the job market are likely to further the case for interest rate hikes, although Fed Chair Kevin Warsh provided few cues on the central bank’s plans.
Higher rates bode poorly for speculative assets like crypto.
MARA Q2 earnings underwhelm
MARA Holdings(NASDAQ:MARA), one of the largest Bitcoin miners in the U.S., clocked weaker-than-expected second-quarter earnings on Thursday, as a prolonged rout in Bitcoin prices quashed returns on mining.
Mara clocked a Q2 loss per share of $1.60 against expectations for a $0.350 profit, while its revenue of $174.9 million also disappointed. The quarter marked a third consecutive quarter of losses for the company.
The company on Thursday reiterated its plans to pivot further into providing computing resources for the artificial intelligence industry, especially as a prolonged downturn in Bitcoin eroded its margins.
Investors were unimpressed, with the stock sliding over 5% on Thursday.
Crypto price today: Altcoins fall, set for mixed week
Broader crypto prices largely fell on Friday, and were also nursing a mixed performance this week.
World no.2 crypto Ether fell 0.4% but was up 3.3% for the week, outpacing other major cryptos.
XRP fell 2.4% and was down over 3% this week. Solana fell 1.6% and was flat for the week, while Cardano outperformed with a 15% surge this week.
BNB fell 1.4%. Memcoins Dogecoin fell 1%, while $TRUMP rose 1.3%.
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