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Bitcoin, Ether Trade Flat After Mildly Encouraging Jobs Data
The two largest cryptocurrencies by market capitalization were changing hands in a tight range after jobless claims were slightly higher than expected, a small sign the jobs market is cooling.
May 4, 2023, 6:58 p.m.
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Bitcoin and ether prices remained in tight ranges on Thursday amid low trading volume, and undisturbed by the Fed’s widely expected 25 basis point interest rate hike the previous day and the latest mildly encouraging data that suggests the hot jobs market might be weakening.
Bitcoin was trading at about $28,900, roughly where it has stood most of the past 24 hours, while ether was hovering near $1,900. Jobless claims rose by 13,000 to 242,000 last week, slightly surpassing expectations of an 11,000 increase in claims.
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In comments Wednesday following the U.S. central bank’s decision to raise interest rates 25 basis points, Federal Reserve Chair Jerome Powell suggested that the “gradual cooling” of labor markets demonstrated the economy’s resilience and may foreshadow an economic soft landing instead of a much-feared recession.
In what many observers of monetary policy viewed as a slight shift, Powell also noted that a decline in wage growth “to a more sustainable level” would help alleviate inflationary pressures.
Wages and their growth cadence will likely play a significant role in the Federal Open Market Committee’s evaluation of economic conditions, and the merits of future rate increases.
BTC traded along its 20-day moving average, with a narrow trading range that spanned 2.3% from low to high. BTC momentum sits at neutral levels with a Relative Strength Index (RSI) of 51. The BTC RSI is slightly above its 20-day average of 50, but giving little indication of moving higher at the moment.
Ether is trading just below its 20-day average, exhibiting slightly less strength than BTC, while trading in a similarly narrow range. Since April 21, ETH's price has increased 2% versus a 6% increase for BTC.
ETH’s RSI of 50.19 exceeds its 20 day-moving average of 48.01, and has accelerated by 10% since April 21. The difference in pace between ETH’s increased price versus the RSI does not indicate a divergence, but that additional upside exists for the asset.
A divergence between price and technical indicators generally occurs when they are moving in opposite directions. In this instance, the direction is the same, but at different speeds.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Gold tops $5,000 as bitcoin stalls near $87,000 in widening macro-crypto split: Asia Morning Briefing
Bitcoin’s onchain data points to supply overhang and weak participation, while gold’s breakout is priced by markets as a durable macro regime shift.
What to know:
- Gold’s surge above $5,000 an ounce is increasingly seen as a durable regime shift, with investors treating the metal as a persistent hedge against geopolitical risk, central bank demand and a weaker dollar.
- Bitcoin is stuck near $87,000 in a low-conviction market, as on-chain data show older holders selling into rallies, newer buyers absorbing losses and a heavy supply overhang capping moves toward $100,000.
- Derivatives and prediction markets point to continued consolidation in bitcoin and sustained strength in gold, with thin futures volumes, subdued leverage and weak demand for higher-beta crypto assets like ether reinforcing the cautious tone.
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