U.S. stocks closed higher yesterday (Dec 3), with the latest ADP employment data strengthening investor confidence that the Federal Reserve will cut rates next week. The total crypto market cap rose 2.57%, with Bitcoin (BTC) briefly climbing to $94,150 this morning, lifting the broader market. Ethereum (ETH) gained 6.08% over 24 hours and was trading at $3,205 at press time. Market fear has eased somewhat, and with the Fed ending quantitative tightening on December 1, Bitcoin’s correlation with the S&P 500 has risen again.

Job Market Freezes Sharply, Traders Betting on Major Rate Cut Next Week

The ADP report showed an unexpected loss of 32,000 private-sector jobs in November, against economists’ median forecast of a 10,000 gain. Despite the weak data, traders are betting that the decline in private-sector employment will push the Fed to deliver a substantial rate cut at its December 10 meeting.

Months of uncertainty and tariff policies have dealt a heavy blow to the real economy. While AI has supported certain sectors, many small businesses have not benefited. The fact that wages have not fallen suggests this reflects a crisis of confidence in parts of the economy rather than an actual recession.

Friday will bring the September Personal Consumption Expenditures (PCE) price index and the core index excluding food and energy. Economists expect the core index to rise 0.2% for the third consecutive month, keeping the year-over-year increase just under 3% and indicating that inflationary pressures remain stable but sticky.

Bitcoin Stabilizes at 93K, ETH Successfully Holds Above $3,000

The total crypto market cap rose 2.57%, with Bitcoin briefly reaching $94,150 this morning and driving the broader market higher.

Ethereum closed yesterday at $3,188, firmly holding above the key $3,000 level. It is up 6.08% over 24 hours and was trading at $3,205 at press time.

Market panic has eased somewhat. With the Fed ending quantitative tightening on December 1, Bitcoin’s correlation with the S&P 500 has increased again.

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