Bitcoin rebounds to $27K before jobs report in First Mover Americas.

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Bitcoin rose by nearly 1% to return above $27,000 ahead of the release of the U.S. government’s Nonfarm Payrolls report at 8:30 AM ET. The jobs report is expected to show that the economy added 180,000 jobs in May, compared to 253,000 in April. On Thursday, stocks continued to rise as the debt ceiling drama mostly moved into the rearview mirror. Gold also rose slightly, with some analysts predicting that the jobs report might push the metal back above $2,000. As the week comes to a close, the top-performing digital assets include Quant Network (QNT), which gained 16% over the past seven days, and The Graph (GRT), which gained 14% during the same period.

Blockchain Derivatives Exchange, a regulated futures offering by cryptocurrency exchange Blockchain, will offer bitcoin and ether futures contracts that track institutional clients’ interests starting June 5, according to a Thursday release. Blockchain said it created these products to cater to increased institutional demand following the issuance of its nano Bitcoin (BIT) and nano Ether (ETI) contracts last year. The BTI and ETI futures contracts, which are sized at 1 bitcoin and 10 ether per contract, respectively, will be settled in U.S. dollars monthly and will allow institutional traders to hedge market bets, express long-term market views, or use the products in complex trading strategies.

Tether, a stablecoin issuer, has reached an all-time high market capitalization, even as the stablecoin market overall is shrinking. The market cap for USDT surpassed $83.2 billion on Thursday, according to the company, surpassing its previous peak from a little more than a year ago. The news means USDT has recovered all of the $18 billion it lost since the dramatic implosion of the blockchain project Terra in May 2022 and subsequent market rout. Tether’s milestone is particularly significant as it runs counter to the 14-month shrinkage in the broader stablecoin market. The total stablecoin market capitalization dropped to $130 billion in May from nearly $200 billion in early 2022.

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Edited by Stephen Alpher.

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