Bitcoin Extends Gains as U.S. Stocks Trim Early Losses
Wall Street’s return from the long weekend began on a sour note, but equities have quickly recovered a portion of their early declines.
Crypto markets are also showing renewed strength at the start of September after closing out August on a weak footing. With U.S. traders back at their desks, bitcoin (BTC) surged from about $107,500 at the month’s open to as high as $111,700. At last trade, BTC hovered near $111,600, up 2.5% in 24 hours. Solana (SOL) and XRP mirrored those gains, while ether (ETH) lagged with little movement after leading August’s advance.
Risk Assets Find Support
Equities helped bolster sentiment across markets. Concerns over fresh tariffs and a continued rise in global borrowing costs drove a steep sell-off at the open, pushing the Nasdaq lower by 2%. Roughly 90 minutes later, buyers had stepped in, cutting those losses in half.
Macro Backdrop in Focus
August’s ISM Manufacturing Index registered at 48.7, narrowly missing forecasts and underscoring ongoing contraction in the sector. The Prices Paid component eased to 63.7, down from both projections and July’s reading, hinting at some moderation in input costs.
The week’s key event will be Friday’s U.S. employment report. Strong labor data could complicate the Federal Reserve’s plan to begin cutting rates later this month, while a softer outcome may fuel speculation of a larger 50-basis-point reduction rather than the widely expected quarter-point move.
