Bitcoin Surges 10% to $110,000 Awaiting US Jobs Report

Bitcoin has surged past $110,000 for the first time since June 11, 2025, approaching its all-time high of $112,000 set on May 22, 2025. This surge comes as the U.S. jobs report for June is set to be released, which could provide crucial guidance on interest rates. The report, released a day early due to the July 4 holiday, is expected to show nonfarm payrolls increasing by 110,000, a slowdown from May’s increase of 139,000. The unemployment rate is projected to rise to 4.3%, the highest since October 2021. Markets are pricing in a 75% chance that the Federal Reserve will keep interest rates steady at 4.25%-4.50% during its July 30 meeting.

According to HTX Research, on-chain flows remain stable, suggesting that major players are awaiting further signals from this week’s Non-Farm Payrolls and Initial Jobless Claims data. If labor data weakens, a confirmed September rate cut could ignite a renewed rally in BTC. Conversely, if the Non-Farm Payrolls (NFP) data surprises to the upside, a break below $104,000 could trigger a technical correction. Overall, bitcoin is at a crucial inflection point, shaped by renewed capital inflows, rising speculative interest, and diverging macroeconomic expectations. The coming days could prove pivotal for confirming the next major trend in the market.

Bitcoin dominance has slipped from its June 22 high of just over 66% and now stands a bit above 65%. This figure reflects bitcoin’s market capitalization relative to the entire crypto market. Currently, bitcoin boasts a market cap of $2.2 trillion. The report comes a day early because of the July 4 holiday weekend, which is likely to see reduced trading volumes. The New York Stock Exchange and Nasdaq will close at 1 p.m. today and bond markets at 2 p.m. Markets will remain closed on Friday, July 4.

In other news, the Arbitrum DAO is voting on lowering the constitutional quorum threshold from 5% to 4.5% of votable tokens. This aims to match decreased voter participation and help well-supported proposals pass more easily, without affecting non-constitutional proposals, which remain at a 3% quorum. Voting ends July 4. Compound DAO is voting on invoking the early termination clause of its 2025 security partnership with OpenZeppelin, giving the required 60-day notice and paving the way for a formal RFP process managed by the Compound Foundation on behalf of the DAO. Voting ends July 7. The Polkadot Community is voting on launching a non-custodial Polkadot branded payment card to “to bridge the gap between digital assets in the Polkadot ecosystem and everyday spending.” Voting ends July 9.

On July 3, Zilliqa will host an Ask Me Anything (AMA) session. On July 4, Moca Network will host a session on ‘What Makes Moca Chain Different?’ on Binance Live. On July 11, Immutable will unlock 1.31% of its circulating supply worth $11.43 million. On July 12, Aptos will unlock 1.76% of its circulating supply worth $54.63 million. On July 15, Starknet will unlock 3.79% of its circulating supply worth $15.59 million. On July 15, Sei will unlock 1% of its circulating supply worth $15.76 million. On July 16, Arbitrum will unlock 1.87% of its circulating supply worth $32.94 million.

On July 3, the Impossible Cloud Network Token (ICNT) will be listed on Binnace, Bybit, Bitget, Gate.io KuCoin, and others. On July 4, Biswap (BSW), Stella, Komodo (KMD), LeverFi (LEVER), and LTO Network (LTO) will be delisted from Binance. The AI-focused NEAR token is trading at $2.36, having risen by 16.5% since July 1. The rally accelerated following an announcement from fund manager Bitwise, which is rolling out a NEAR exchange-traded product (ETP) for institutional investors in Europe. Daily trading volume doubled over the past 24 hours, hitting $213 million as traders attempt to ride the coattails of NEAR's recent positive shift in sentiment. NEAR's move also reflects broader altcoin market strength, with the CoinDesk DeFi Select Index rising by 7.74% in the past 24 hours and CoinDesk's memecoin index is up by 13.2% in the same period. Memecoins BONK and WIF are leading the pack, up 21% and 15% respectively on Thursday.