Asia Market Opening: Bitcoin Stays at $87k While Stocks Rise Slightly Following Mixed US Employment Data

Bitcoin increased approximately 2% during Asian trading hours on Wednesday as regional equities saw slight gains, while traders remained focused on Thursday’s US inflation report for insights into the Federal Reserve’s potential rate cuts in 2026.

Equity markets across the region exhibited caution following a mixed US jobs report and weak purchasing managers’ data, leading investors to question whether economic growth is slowing sufficiently to warrant a more accommodative policy.

Akshat Siddhant, the lead quant analyst at Mudrex, stated, “In spite of this uncertainty, Bitcoin exchange reserves at historically low levels have bolstered the upward movement, providing an advantage to bulls. Attention is now directed towards the forthcoming CPI data, which will influence expectations regarding a possible Fed rate reduction.”

“Should the momentum persist, BTC may progress towards $90,000, with support gradually shifting higher to the $86,000 range,” he added.

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 declined by 0.1% as the CPI announcement became the focal point of the macroeconomic calendar.

Technology stocks contributed to improved sentiment following a challenging period. South Korea’s KOSPI rose by 0.6% and Hong Kong’s Hang Seng increased by 0.3%, as investors returned to large-cap tech stocks and the broader AI sector.

This positive momentum extended to the robotaxi sector in Hong Kong, with Pony AI and WeRide each rising over 3%, following Tesla’s CEO Elon Musk’s comments about testing robotaxis without human safety drivers.

On Wall Street, the Nasdaq closed higher on Tuesday, while the S&P 500 and Dow finished lower, impacted by the healthcare and energy sectors. Investors analyzed delayed economic reports due to a recent government shutdown that hindered data collection, treating the figures as directionally informative rather than conclusive.

Payroll Surprise Fails To Ease Growth Concerns

A report from the Labor Department indicated that nonfarm payrolls increased by 64,000 jobs in November following a decline in October attributed to government spending reductions, while the unemployment rate rose to 4.6%. Additional data revealed that retail sales were unchanged in October, slightly below economists’ forecasts.

Nic Puckrin, an investment analyst and co-founder of Coin Bureau, noted that year-end tax-loss selling is exerting pressure, with Bitcoin being one of the assets where many investors are experiencing losses.

He mentioned that this situation could impact prices as 2025 concludes and leaves the possibility for a drop below $80,000 if the sell-off intensifies. In the short term, he highlighted the ETF cost basis around $83,800 as a significant level, with additional support near $81,200, which he characterized as the market’s true average.

Japan Gains On Trade Data As Rate Hike Bets Build

In Greater China, the Shanghai Shenzhen CSI 300 rose by 0.5% while the Shanghai Composite remained unchanged, as investors awaited clearer indications of fiscal support from Beijing following a series of weak November data.

In other markets, Australia’s ASX 200 fell by 0.2% and Singapore’s Straits Times index decreased by 0.3%, with data indicating that Singapore’s non-oil exports increased in November.

Japan’s Nikkei 225 gained 0.3% and the broader Topix rose by 0.1% after trade data exceeded expectations, suggesting that external demand is bolstering growth as the year comes to a close. Traders also monitored the Bank of Japan ahead of Friday’s policy decision, with markets leaning towards a rate hike as the yen remains weak and inflation persists.

US rate expectations were also influenced by a leadership narrative, following a report from the Wall Street Journal that President Donald Trump is scheduled to interview Fed Governor Christopher Waller on Wednesday for the chair position, adding another factor to a week already shaped by CPI uncertainty.

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