Bitcoin Breaks $110K as Crypto Market Rallies Ahead of Jobs Data
Bitcoin surged past $110,000 on Wednesday for the first time since June 11, driven by strong capital inflows into U.S. spot bitcoin ETFs and anticipation surrounding the upcoming U.S. jobs report.
Spot bitcoin ETFs recorded $407.78 million in net inflows during the day, pushing total cumulative investments in these products to $49.04 billion, according to SoSoValue data.
The rally in bitcoin sparked gains across the broader crypto market. XRP traded at $2.2187, ether reached $2,498.57, Solana was priced at $146.08, and Cardano stood at $0.5736. Memecoins BONK and FARTCOIN were standout performers, each jumping over 20% in the last 24 hours. The CoinDesk Memecoin Index advanced by 12.6%, while the CoinDesk 20 Index, which tracks the largest digital assets, rose 4.3%.
Investors are now closely watching Thursday’s release of U.S. nonfarm payroll data, which could influence market direction.
“We could see bitcoin revisit or even surpass its previous high near $112,000 from late May if the strong global risk appetite continues,” said Alex Kuptsikevich, chief market analyst at FxPro, in an email. “However, traders should be cautious because the U.S. jobs report might either drive further momentum or act as a hurdle.”
