Crypto traders woke up on Friday to a fresh wave of uncertainty and excitement after a soggy U.S. jobs report sent markets re-pricing Federal Reserve policy and pushed safe-haven gold to new highs, while parts of the crypto market spiked on hopes that easier monetary policy is coming.
The U.S. economy added just 22,000 nonfarm payrolls in August and the unemployment rate rose to 4.3%, a marked slowdown that cemented bets investors are increasingly confident the Fed will tilt toward easing. The weak payrolls print and downward revisions to prior months have amplified expectations that the Fed will prioritize employment support over further tightening.
That macro pivot was immediately visible in commodity markets: spot gold surged to record levels near $3,600 an ounce, with traders citing the jobs report and growing rate-cut bets as the catalyst for fresh safe-haven demand. Crypto traders were also quick to react.
Bitcoin (BTC) reclaimed momentum on the day, with experts pointing to a breakout toward the mid-six-figure zone and a rise in Bitcoin dominance as traders rotated capital within the sector. CoinGecko data shows the total market hovering around $3.9 trillion, with roughly 56% of that attributed to Bitcoin, a setup some market participants say can presage a sharp move in altcoins once momentum broadens.
Strong Altseason
Henrik Zeberg, head macro economist at Swissblock, captured the bullish, almost euphoric tone seen across parts of crypto X (formerly Twitter) this morning. Zeberg argued market pricing of greater Fed support will push crypto “higher” and that a strong altcoin season is coming, calling the rally a potential “final phase” blow-off top. The post has circulated widely among traders who view looser policy as fuel for risk assets.
Market technicians pointed to a classic liquidity-and-risk-on dynamic: falling front-end rates and a softer dollar often lift risky, dollar-priced assets. Multiple crypto market commentators noted that options positioning and futures flows this week have favored upside exposure.
It is a pattern that can accelerate short-term moves if spot buyers step in. Analysts at major crypto desks flagged the confluence of (1) renewed Fed easing expectations, (2) record gold prices (which underline real-rate relief), and (3) compressed volatility in some parts of the market as fertile ground for a fast, crowded rally.
Zeberg’s call for a “powerful #Altseason” shows a common narrative: capital rotating out of cash and into risk will eventually seep beyond Bitcoin into a broader altcoin rally. That scenario has historical precedent, but veterans caution that alt rallies can be violent and short-lived, particularly if driven by speculative leverage rather than durable on-chain demand.
Friday’s weak payrolls report has already reshaped market psychology: safe havens like gold hit records, traders are pricing more Fed support, and crypto markets have rallied behind a narrative of renewed liquidity. Whether the move morphs into a sustained altcoin season or ends as a sharp blow-off will likely depend on the Fed’s next communications and upcoming economic prints.
