Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, once again posted an impressive rally, reaching US$109,000—its highest level since early June 2025. This surge was primarily fueled by weak U.S. employment data, which increased market expectations for a Federal Reserve interest rate cut.

According to CoinMarketCap data on Thursday morning (July 3, 2025), Bitcoin’s price rose from US$105,690 to a daily peak of US$107,763—marking a gain of over 3% in just 24 hours. At the time of writing, BTC experienced a slight pullback, hovering around US$108,650.

Bitcoin’s daily trading volume jumped 22%, reaching US$55.3 billion. Its market capitalization also increased by 2%, hitting around US$2.16 trillion.

The Bitcoin rally also lifted other altcoins and meme coins. Ether (ETH) surged 6% to approximately US$2,560, while BNB, XRP, and Solana (SOL) posted moderate gains between 1% and 2%.

In the meme coin segment, Dogecoin (DOGE) and Shiba Inu (SHIB) each rose by about 6%, while Pepe (PEPE) recorded the highest gain with a 9% jump.

Overall, the total cryptocurrency market capitalization increased by 3%, reaching approximately US$3.3 trillion.

Meanwhile, the crypto Fear & Greed Index, which measures investor sentiment, showed a strong shift. The index score rose from 63 to 73, indicating the market is now in the “Greed” zone — signaling heightened appetite for risk among investors.

Markets Respond to U.S. Jobs Data

The current price surge was largely driven by private sector employment data from the U.S., released by Automatic Data Processing (ADP). In its June 2025 edition of the National Employment Report, ADP reported a decline of 33,000 jobs — the lowest level since March 2023. This came as a surprise, as previous market consensus had forecast an increase of nearly 100,000 jobs.

“While layoffs remain rare, companies are showing reluctance to hire or replace departing employees. This led to the drop in job creation last month,” explained ADP’s Chief Economist, Nela Richardson.

This labor market weakness reinforced investor beliefs that the Fed may cut interest rates sooner than expected. Several analysts believe such a move could come as early as the July policy meeting. According to Andre Dragosch, Head of European Research at Bitwise, rate cuts are becoming increasingly plausible.

Still, data from the CME Group’s FedWatch Tool indicates that markets largely expect the first rate cut to occur during the Fed’s September meeting. Investors appear to be awaiting further confirmation from the upcoming nonfarm payrolls report.

Beyond U.S. macroeconomic factors, Cointelegraph highlighted that a growing money supply (M2) in the eurozone also contributed to renewed interest in crypto assets. The latest figures showed a 2.7% year-over-year increase in April 2025, in line with the globally accommodative monetary stance.

Nevertheless, many market participants remain cautious about the risk of a global recession. Demand for highly leveraged long positions remains subdued, reflecting overall economic uncertainty.

Adding to investor concerns are ongoing global trade tensions. U.S. President Donald Trump has threatened to impose import tariffs on Japanese goods exceeding 30% if a deal is not reached by July 9.

Meanwhile, the European Union has urged its trade negotiators to take a tougher stance against the U.S., although internal disagreements among member states persist.