- Ether (ETH) traded steadily around $2,584 (+0.55%) as risk assets rallied on strong US jobs data.
- US economy added 147,000 jobs in June (beating 110K forecast); S&P 500 and Nasdaq hit new record highs.
- US Congress passed President Trump’s $4.5 trillion ‘Big Beautiful Bill’ of tax cuts and spending reductions.
Ether (ETH) held firm above the $2,580 mark on July 3, as broader risk assets rallied in response to a surprisingly robust US labor market report.
The strong jobs data sent major US stock indices, including the S&P 500 and Nasdaq Composite, surging to new all-time highs.
This positive market sentiment was further influenced by the US Congress passing President Donald Trump’s sweeping tax and spending package.
The latest nonfarm payrolls report, published by the Bureau of Labor Statistics, revealed that the US economy added 147,000 jobs in June.
This figure comfortably surpassed economists’ expectations of 110,000 and also exceeded the upwardly revised figure of 144,000 from May, according to a report from CNBC.
Adding to the picture of a resilient labor market, the unemployment rate fell to 4.1%, defying forecasts that had predicted a rise to 4.3%.
This strong economic data immediately boosted US equities, with the S&P 500 closing at 6,279.35 and the Nasdaq Composite finishing at 20,601.10 – both indices gaining more than 0.8% on the day to reach fresh record highs.
The Dow Jones Industrial Average also saw a significant gain, adding 344 points to settle at 44,828.53.
The positive risk-on sentiment appeared to provide a supportive backdrop for cryptocurrencies.
Ether was trading around $2,584.90, registering a 0.55% gain over the past 24 hours, according to CoinDesk Research’s technical analysis model.
The broader crypto market, as measured by the CoinDesk 20 Index (CD20), was up a slight 0.08% during the same period.
Ether’s resilience suggests that, for now, traders are encouraged by the broader market uplift, which has lifted crypto alongside equities.
However, the very strength of the labor market report has complicated the outlook for US monetary policy.
With the economy showing such vigor, it now seems highly unlikely that the Federal Reserve will consider lowering interest rates at its next meeting.
Some traders are now even questioning whether there will be any rate cuts at all in the second half of this year.
Trump’s ‘Big Beautiful Bill’ clears Congress in major legislative win
In a significant political development, the US Congress on Thursday passed President Donald Trump’s sweeping USD 4.5 trillion ‘Big Beautiful Bill’ of tax cuts and spending reductions.
The Republican-led House of Representatives narrowly passed the bill by a vote of 218–214, sending it to the President’s desk for his signature.
This vote marks a major legislative victory for President Trump in his second term.
The bill secures funding for his administration’s immigration crackdown, makes many of his 2017 tax cuts permanent, and delivers on new tax breaks he had pledged during his 2024 campaign.
The White House announced that President Trump will sign the bill into law on Friday at 5 pm.
President Trump hailed the passage of the “One Big Beautiful Bill” as a historic achievement.
“The biggest bill of its kind ever signed — and it’s going to make this country into a rocket ship. It’s going to be really great,” he said.
Praising the sweeping USD 3.4 trillion tax and spending package (the total package is cited as $4.5 trillion, with this component likely referring to a specific part), Trump added, “I think when you go over the bill, it was very easy to get them to a ‘Yes.’ … Biggest tax cut in history, great for security, great on the southern border … we covered just about everything. Again, it’s the biggest bill ever signed of its kind.”
The passage of this significant fiscal package, combined with the strong labor market data, creates a complex new landscape for investors to navigate as they assess the future trajectory of both the US economy and its financial markets.
