The crypto market is currently in a holding pattern, with bitcoin (BTC) hovering below $100,000. Despite an endorsement from Eric Trump, the market has not seen the expected surge. The U.S. jobs report is anticipated to influence market movements, with potential for a breakout if the data is weaker than expected. Bloomberg Intelligence suggests there could be significant downward revisions to previous job figures, hinting at a less robust labor market in 2024. Volmex’s one-day bitcoin implied volatility index is at an annualized 51%, indicating a daily price swing of about $2,600. Some traders are buying put options, preparing for potential downside volatility. In other news, Utah’s House passed a “Strategic Bitcoin Reserve” bill, and the SEC has acknowledged Grayscale’s Solana filing. VanEck predicts Solana (SOL) could reach $500, more than double its current value of around $180. Meanwhile, Berachain’s BERA token, which debuted recently, has seen a trading volume of $4.8 billion, with its price dropping from $14 to $7.60.
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