Crypto Market Daily Highlights – June 3 – US Nonfarm Payrolls Weigh

Key Insights:

• It was a bearish Friday for bitcoin (BTC) and the broader market, with bitcoin returning to sub-$30,000.
• Investor angst over Fed monetary policy weighed ahead of US nonfarm payroll figures that added further pressure later in the day.
• Regulatory risk, inflation, economic uncertainty, and Fed monetary policy remain headwinds for bitcoin and the broader crypto market.

It was a bearish Friday session for the crypto market, with the crypto top ten seeing heavy losses to reverse gains from Thursday.

There were no major news updates from regulators to spook investors, leaving the crypto market to track the US equity markets.

For bitcoin (BTC), it was a second loss from seven sessions, which led to a fall back to sub-$30,000.

Crypto Market Cap Falls back to Sub-$1,200 Billion

Following a $100 billion tumble in the total crypto market cap on Wednesday, Friday’s reversal saw the total crypto market cap fall back to sub-$1,200 billion.

A $64 billion slump saw the total market cap fall to a day low of $1,185 billion before a recovery to $1,200 billion levels.

Look at the crypto top ten, Solana (SOL) slid by 6.36% to lead the way down.

ADA (-4.60%), BNB (-3.21% ), BTC (-2.50%), ETH (-3.23%), DOGE (-3.06%), and XRP (-3.79%) also struggled.

Bitcoin Tracked the NASDAQ 100 into the Red

Investor apprehension ahead of US nonfarm payroll figures weighed appetite for riskier assets.

Going into the US market open, nonfarm payrolls increased by 390k in May, following a 436k jump in April.

The increase was good enough to support the Fed’s more aggressive rate path trajectory, weighing on riskier assets.

On Friday, the NASDAQ 100 slid by 2.47% to end the week in negative territory.

Bitcoin and the broader crypto market’s recoupling with the NASDAQ continued at the end of the week.

Monday through Friday, bitcoin was up 0.77%, supported by a 7.69% rally on Monday. The US markets were closed for Memorial Day.

Away from the Crypto Moves,

• New York Senate passed a bill to ban the establishment of new carbon-based fuel-powered proof-of-work mining projects.
• Japan introduced a legal framework for stablecoins linked to the Yen.
• Kenya aimed to lure bitcoin mining companies with renewable energy.
• ForUsAll filed a lawsuit against the US Department of Labor over concerns about BTC in 401(K).
• Crypto exchange Gemini announced plans to cut the workforce by 10%.
• Bitcoin mining revenue slumped amidst White House scrutiny.