Market Sentiment and Bitcoin's Performance
Risk sentiment improved across global markets as traders processed stronger-than-expected Nvidia earnings and shifted attention to the long-delayed U.S. September Nonfarm Payrolls (NFP) report. Bitcoin briefly pushed above $93,000 before giving up some of the move, while the CoinDesk 20 Index climbed 4.5% as traders rotated back into major tokens. Despite the bounce, market sentiment remains in “extreme fear,” suggesting that price reactions to macro data may be sharper than usual.
Nvidia’s earnings outlook provided the initial spark. Shares of the chipmaker surged past Bybit’s earlier upside target of $197.40 and hit an intraday high of $198.48, lifting U.S. indices on the platform. Both Bybit’s SP500 and NAS100 products broke above their 50-day moving averages, easing near-term pressure on risk assets.
The Impact of the Nonfarm Payrolls Report
The September NFP release, delayed due to the now-resolved U.S. government shutdown, will be published at 1:30 PM GMT. Economists expect 51,000 new jobs, more than double August’s figure, with unemployment steady at 4.3%.
A weaker print could revive expectations of a December rate cut, a scenario that historically supports Bitcoin and broader crypto markets. Lower yields may also lift major FX pairs and push gold above key psychological levels. Conversely, a larger jobs number may reinforce the Federal Reserve’s hold-the-line stance, strengthen the dollar, and pressure crypto assets.
Bybit noted that positioning for the December FOMC meeting has shifted sharply: rate-cut odds have fallen to 27% from nearly 100% a month ago, increasing the likelihood of volatile price repricing across Bitcoin, altcoins, indices, and commodities once the data hits.
Bybit's Integration with UBS
Notably, Bybit recently announced the integration of the uMint tokenized fund, a digital asset product launched by global banking giant UBS.
Key Market Indicators
- •Bitcoin briefly crossed $93,000 as risk sentiment improved, though market fear remains elevated.
- •Bybit says the delayed U.S. September jobs report could trigger sharp moves across BTC, gold, FX, and indices.
- •Traders are watching for signals on whether the Fed may cut or hold rates in December, with market repricing already underway.