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Bitcoin price slips 3%, ignores US jobs beat as XRP sees all-time high

Bitcoin price slips 3%, ignores US jobs beat as XRP sees all-time high

CointimeCointime2025/01/16 16:12
By:Cointime

From cointelegraph by William Suberg

Bitcoin fell further beneath $100,000 after the Jan. 16 Wall Street open as markets shook off a US unemployment overshoot.

Bitcoin price slips 3%, ignores US jobs beat as XRP sees all-time high image 0 BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

BTC price wobbles as altcoins take the lead

Data from  Cointelegraph Markets Pro  and  TradingView  showed BTC/USD targeting $97,000, down nearly 3% after the week’s initial jobless claims.

These came in above median estimates at 217,000 versus 210,000, respectively, suggesting that labor market health was slightly weaker than expected.

The increase was not a major one, however, and stocks remained stable at the US open after  marked gains  the day prior.

“Global markets rallied last night after a weaker-than-expected CPI report eased fears of rising inflation. BTC jumped 4.13% to a high of $100.8K before stabilising just below the $100K milestone,” trading firm QCP Capital summarized in a post to Telegram channel subscribers.

“The same level of optimism was also seen in equities as SP 500 rose 1.83% and Nasdaq gained 2.27%.”

Bitcoin price slips 3%, ignores US jobs beat as XRP sees all-time high image 1 US spot Bitcoin ETF netflows (screenshot). Source: Farside Investors

QCP noted what it called “staggering”  capital inflows  to the US spot Bitcoin exchange-traded funds, or ETFs, which totaled $755 million for Jan. 15.

“The swift recovery in inflows reflects strong institutional demand and suggests an exciting outlook for crypto,” it continued.

Bitcoin price slips 3%, ignores US jobs beat as XRP sees all-time high image 2 XRP/USD 1-month chart. Source: Cointelegraph/TradingView

While Bitcoin returned to the $100,000 mark for the first time in over a week, however, It was altcoins that stole the show, led by new all-time highs for XRP 

XRP$3.28on Bitstamp.

Solana 

SOL$207.46also produced standout 8% daily gains to close in on price discovery.

Both were fueled by mainstream media reports that the incoming Donald Trump administration would seek to create a  broader crypto reserve  giving preferential treatment to altcoins founded in the US.

“With BTC dominance plummeting from 58.6% to 57.4%, altcoins are expected to outperform as profits rotate into ETH and other altcoins,” QCP concluded. 

“For confirmation of altcoin season, BTC dominance will need to break below the support at 57.3% while hovering around the 100K milestone.”

Bitcoin price slips 3%, ignores US jobs beat as XRP sees all-time high image 3 Bitcoin crypto market cap dominance 1-day chart. Source: Cointelegraph/TradingView

No relief for Fed rate cut expectations

In a note of caution for crypto and risk-assets going forward, market expectations of a return to financial easing by the Federal Reserve remained almost nonexistent after the jobs data.

Related:  Bitcoin risks weeks of sideways moves amid $102K 'rejection' warning

The latest estimates from CME Group’s  FedWatch Tool  maintained a mere 2.7% chance that the Fed’s upcoming meeting would yield a further interest rate cut.

Bitcoin price slips 3%, ignores US jobs beat as XRP sees all-time high image 4 Fed target rate probabilities. Source: CME Group

“Many consumers say they believe we are in a recession. Meanwhile, the stock market is less than 5% away from an all time high,” trading resource The Kobeissi Letter wrote in part of  X analysis  the day prior. 

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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