Bitcoin Defies Gravity at $87k as Asia Markets Open, Stocks Edge Higher on Mixed US Jobs Data
Bitcoin isn't blinking. As Asian trading floors flicker to life, the flagship cryptocurrency holds firm above the $87,000 mark—a defiant stance against traditional market jitters.
The Jobs Report Riddle
A lukewarm U.S. employment report left Wall Street scratching its head Friday. The numbers weren't bad enough to scream recession, nor strong enough to guarantee more rate hikes—the perfect recipe for indecision. Equity markets, ever the Goldilocks of finance, took it as a tentative 'just right' and nudged higher.
Digital Gold vs. Paper Promises
While traditional assets parse every Fed whisper, Bitcoin's consolidation tells a different story. It's trading like an asset with its own thesis, one that's increasingly decoupled from the daily drama of economic indicators. The hold at $87k isn't just a price level; it's a statement of resilience in a sector analysts once dismissed as purely speculative.
The New Correlations
Forget the old playbook. The fleeting correlation between crypto and stocks is fraying. Digital assets are building their own momentum, driven by adoption curves and network fundamentals that most fund managers still don't have a spreadsheet for. It's a complexity that bypasses the simple narratives of the 24-hour news cycle.
So, as shares creep up on the hope that the Fed might finally take a nap, Bitcoin stands its ground. It's a reminder that in a world of printed money and mixed signals, some investors are opting for a ledger no central bank can edit. After all, in traditional finance, a 'mixed' report often just means everyone gets to keep their narrative—and their fees.
Market snapshot
- Bitcoin: $87,274, up 1.9%
- Ether: $2,948, up 0.5%
- XRP: $1.93, up 3.4%
- Total crypto market cap: $3.05 trillion, up 1.3%
Tech Rebound Lifts Asian Mood As CPI Looms
S&P 500 futures slipped 0.1% as the CPI release moved to the top of the macro calendar.
Technology shares helped lift sentiment after a bruising stretch. South Korea’s KOSPI gained 0.6% and Hong Kong’s Hang Seng added 0.3%, as buyers returned to large-cap tech names and the broader AI complex.
Some of that lift spilled into the robotaxi theme in Hong Kong. Pony AI and WeRide climbed more than 3% each, tracking strength in Tesla after chief executive Elon Musk said the carmaker was testing robotaxis with no human safety drivers.
On Wall Street, the Nasdaq finished Tuesday higher and the S&P 500 and Dow ended lower, with healthcare and energy weighing. Investors parsed delayed economic releases after a recent government shutdown slowed data collection, and the market treated the numbers as directionally useful rather than definitive.
Payroll Surprise Fails To Ease Growth Concerns
A Labor Department report showed nonfarm payrolls rose by 64,000 jobs in November after an October drop linked to government spending cuts, and the unemployment rate climbed to 4.6%. Separate figures showed retail sales were flat in October, slightly below economists’ expectations.
Nic Puckrin, an investment analyst and co-founder of Coin Bureau, said year-end tax-loss selling is adding pressure, with Bitcoin among the assets where many investors are sitting on losses.
He said that dynamic could weigh on prices into the end of 2025 and leaves room for a slide below $80,000 if the sell-off deepens. In the near-term, he pointed to the ETF cost basis around $83,800 as a key level, with further support NEAR $81,200, which he described as the market’s true mean.
Japan Gains On Trade Data As Rate Hike Bets Build
In Greater China, the Shanghai Shenzhen CSI 300 rose 0.5% and the Shanghai Composite stayed flat, as investors waited for clearer signs of fiscal support from Beijing after a run of soft November data.
Elsewhere, Australia’s ASX 200 dipped 0.2% and Singapore’s Straits Times index fell 0.3%, and data showed Singapore’s non-oil exports rose in November.
Japan’s Nikkei 225 added 0.3% and the broader Topix gained 0.1% after trade data showed exports beat expectations, a signal that overseas demand is supporting growth into year-end. Traders also watched the Bank of Japan ahead of Friday’s policy decision, with markets leaning toward a rate increase as the yen stays weak and inflation remains sticky.
US rate expectations also sat under a leadership storyline, after the Wall Street Journal reported President Donald TRUMP is set to interview Fed Governor Christopher Waller on Wednesday for the chair role, adding another variable to a week already driven by CPI risk.
