Cryptocurrency markets barely faltered as three macro headlines crossed the tape, with major tokens falling sideways despite US labor data, an impending Supreme Court case against Trump-era tariffs, and new signs of geopolitical tensions in the Middle East.
summary
- Cryptocurrency markets rebounded following the latest US NFP data.
- The economy added 50,000 jobs as the unemployment rate fell to 4.4%.
- The focus now shifts to the upcoming SCOTUS ruling on tariffs.
Bitcoin (BTC) price is currently hovering around $90,955, up from an intraday low of $89,200, but still in the red for the day.
This comes as US data showed that although the labor market cooled, it remained resilient in December, with employment increasing moderately and the unemployment rate falling slightly. At the same time, investors are awaiting a Supreme Court ruling on Trump-era tariffs. Sentencing was scheduled for today but was postponed to Wednesday.
Meanwhile, escalating unrest in Iran has pushed up oil prices and pushed up silver prices, while gold trading has been mostly flat.
Cryptocurrency market rises after NFP report
The Bureau of Labor Statistics released mixed employment statistics. The number of jobs added due to economic growth in December was 50,000, lower than the median estimate of 70,000.
The report also showed that the unemployment rate fell to 4.4% from 4.6% in November. Wage growth remained strong, rising 3.8% during the month.
The report showed the labor market remains fragile as companies come to terms with President Donald Trump’s tariffs. While wage growth has accelerated recently, many companies are slowing hiring and cutting costs. For example, Amazon, a highly profitable company, has announced that it will lay off thousands of employees.
U.S. employment statistics that are useful for everyone as market levels remain largely unchanged:
Although monthly job creation was lower than the consensus estimate (50,000 vs. 70,000), the unemployment rate was revised downward to a surprising 4.4%.
Average hourly wages increased by 0.3% and…— Mohamed A. Eleriam (@eleriam) January 9, 2026
Weak employment data suggests the bank could cut interest rates later this year. In a statement Wednesday, Fed Chairman Stephen Millan urged the committee to cut interest rates by 150 basis points this year. He believes further cuts will boost the labor market.
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SCOTUS Supreme Court ruling and US inflation data
The next big trigger for the crypto market will be the Supreme Court’s decision regarding President Trump’s tariffs. The court was scheduled to issue a decision on Friday, but no decision was made.
Most traders at Polymarket believe a judge could rule against the administration and force it to pay back the money. The end of tariffs will be bullish for the crypto market as it will lead to lower inflation.
But President Trump still has the means to impose tariffs. For example, it could order investigations into countries and maintain existing tariffs against them.
Another important crypto market news to watch is the December inflation report, which will be released next Tuesday. Economists expect the data to show the headline consumer price index will remain at 2.7% in December, while the core CPI rises to 2.6%.
If inflation slows more than expected, it would be bullish for the crypto market as it would increase the likelihood of further interest rate cuts. Recent Fed minutes show that most officials are willing to cut rates further as long as inflation reaches its 2% target.
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