Bitcoin Hovers Near $110K as Gold Surges Ahead of Fed Jobs Data
Bitcoin (BTC) held steady around $110,000 on Tuesday, even as gold surged past its April peak, highlighting a cautious market ahead of the upcoming U.S. jobs report.
After a week of declines, crypto majors saw a modest rebound. Bitcoin gained 2.7%, Ether (ETH) remained flat, and XRP ($2.80), Solana (SOL), and Dogecoin (DOGE, $0.21) rose more than 3%, lifting overall market capitalization by 1.8%.
Gold, in contrast, jumped to $3,508 per ounce, surpassing its April record. With year-to-date gains of over 30%, bullion outperformed Bitcoin’s 16% rise, signaling strong demand for safe-haven assets.
Traders attributed the moves to Fed Chair Jerome Powell’s Jackson Hole remarks and a weaker U.S. jobs market, which bolstered expectations for potential rate cuts. Investors appear to be seeking protection in both traditional and digital hedges.
Nick Ruck, director at LVRG Research, noted, “Gold is acting as a hedge against monetary debasement and equity volatility. Bitcoin’s emerging role as an inflation hedge suggests these assets are increasingly complementary rather than competing.”
Ethereum shows signs of slowing, with active addresses down 28% since late July. Augustine Fan, head of insights at SignalPlus, highlighted a rotation within digital asset tokens (DATs), with Solana benefiting from a rebound in total value locked (TVL) and decoupling from broader weakness.
Traders are now focused on Friday’s non-farm payroll report, which is expected to show roughly 45,000 new jobs and a 4.3% unemployment rate. A weaker-than-expected print could cement a September rate cut and lift risk appetite, while markets remain cautious ahead of confirmation.
The next few days will reveal whether crypto or gold sets the tone for investor sentiment heading into September, historically one of the weakest months for digital assets.
