Ether (ETH) has shown resilience, trading around $2,584 with a modest gain of 0.55%. This uptick comes as broader risk assets recovered, bolstered by strong employment data from the United States.
Strong US Job Growth Fuels Market Optimism
Ether remained above the $2,580 mark on July 3, reflecting a robust response to unexpectedly strong labor market reports from the United States. The latest data revealed that the American economy added 147,000 jobs in June, surpassing expectations of 110,000 and exceeding the previously revised figure of 144,000 from May.
Additionally, the unemployment rate dropped to 4.1%, defying forecasts that anticipated a rise to 4.3%. Such encouraging economic indicators contributed to significant gains in major US stock indices, with the S&P 500 and Nasdaq Composite both reaching all-time highs.
The S&P 500 closed at 6,279.35, while the Nasdaq Composite ended the session at 20,601.10, each gaining over 0.8%. The Dow Jones Industrial Average also experienced a notable rise, adding 344 points to reach 44,828.53.
This positive market sentiment surrounding risk assets provided a favorable backdrop for cryptocurrencies. Ether traded around $2,584.90, reflecting a 0.55% increase over the past 24 hours, according to CoinDesk Research.
Meanwhile, the larger cryptocurrency market, as measured by the CoinDesk 20 index (CD20), saw a slight increase of 0.08% during the same period. The resilience of Ether suggests that traders remain optimistic, buoyed by the broader market’s growth, which has simultaneously supported both stocks and cryptocurrencies.
However, the strength of the labor market report complicates the outlook for US monetary policy. With economic indicators showing such vigor, the likelihood of the Federal Reserve considering interest rate cuts in their upcoming meetings appears slim. Some traders even question whether any rate cuts will occur in the latter half of this year.
Congress Passes Trump’s “Big Beautiful Bill”
In a significant legislative win, the US Congress voted on Thursday to approve President Donald Trump’s $4.5 trillion tax and spending package. The House of Representatives narrowly passed the bill by a vote of 218 to 214, sending it to the President for his signature.
This legislative achievement marks a major victory for President Trump during his second term, cementing funding for his administration’s immigration crackdown and making many of his 2017 tax cuts permanent, while also adhering to new tax reliefs promised during his 2024 campaign.
The White House announced that President Trump will sign the bill on Friday at 5 PM. He praised the passage of the “One Big Beautiful Bill” as a historic achievement, stating, “This is the largest bill of its kind ever signed, and it’s going to make this country a rocket. It’s going to be great.” Trump emphasized the bill’s expansive tax cuts as beneficial for security and immigration, asserting it covers a broad scope of economic concerns.
The approval of this substantial budget package, coupled with strong labor market data, creates a complex new landscape for investors as they assess the future trajectory of the US economy and financial markets.
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