Bitcoin holds above $70,000, gold above $5,000 and silver clears $80 ahead of jobs data

Coinbase surged 19% on Friday, jumping $13.00 to close at $165.12, after bouncing off support near its 52-week low of $142.58 earlier in the week.

The rally came ahead of earnings, where Wall Street expects $1.15 EPS, down 66.1% from last year, and $1.85 billion in revenue, down 18.8%.

Analysts have been trimming forecasts. Consensus EPS was revised down 6.2% over the past month. Net revenue is now seen at $1.79 billion, a drop of 18.5% year over year.

Here’s how the breakdown looks:

• Transaction revenue is expected at $1.03 billion, down 33.6%

• Subscriptions and services forecast at $754.65 million, up 17.7%

• Blockchain-related revenue specifically is seen at $181.61 million, down 15.5%

• Other revenue is pegged at $73.68 million, down 1.2%

Despite the rough comps, Polymarket bettors are getting bullish, pricing in a 73% chance Coinbase beats estimates this quarter.

The S&P 500 climbed 0.6% on Monday, powered by another push in tech stocks, while the Nasdaq jumped 1%. The Dow hovered near the flatline but notched a fresh all-time intraday high earlier in the session as markets digested last week’s rebound and eyed the next round of economic data and earnings.

Sydney Sweeney opened the session at the New York Stock Exchange, ringing the bell to kick off a day already buzzing with AI optimism.

Nvidia rose 2% and Broadcom added 3%, extending last week’s recovery. Oracle spiked 9% after D.A. Davidson upgraded the stock to buy, citing expected gains from OpenAI-related demand.

The rally follows a Friday comeback where the Dow surged past 50,000 for the first time, clawing back from a tech-led selloff earlier in the week. Bitcoin, which also tumbled during the risk-off mood, has now rebounded to just above $72,000.

That said, pain still lingers. At $70,000, the unrealized losses on Bitcoin equal around 16% of total market cap, according to on-chain data. The current setup is drawing comparisons to early May 2022, when similar leverage stress and unrealized losses rippled through crypto.

Asian markets kept the rally going Monday, with strong gains across the board following Japan’s blowout. South Korea’s Kospi jumped 4.07% to 5,296.06, and the Kosdaq added 2.97%, catching a lift from renewed buying in semis and consumer tech.

Australia’s ASX 200 rose 1.9% to 8,874.50, backed by strength in miners and financials. Over in Hong Kong, the Hang Seng Index climbed 1.45% to 26,945.35, while China’s CSI 300 gained 0.9%, and the Shanghai Composite was up 1.17% to 4,113.28.

India’s Nifty 50 lagged a bit, up just 0.41% to 25,799.05 as investors turned cautious ahead of inflation data.

On the currency side, the yen strengthened, with USD/JPY down 0.31% to 156.71. Other major FX moves were mostly muted. The Aussie dollar traded at 0.702 against the USD, up 0.11%, and EUR/GBP ticked up 0.14% to 0.869.

Latin American pairs were mostly flat, with USD/ARS down 0.73% and USD/COP off 0.26%. The South Korean won weakened slightly, with USD/KRW up 0.2% to 1,466.3.

Japanese stocks exploded higher on Monday after Prime Minister Sanae Takaichi and her Liberal Democratic Party won a crushing victory, securing a two-thirds supermajority in Japan’s 465-seat lower house, according to NHK.

The Nikkei 225 soared 5.6% to 57,337, smashing past its previous record, while the Topix rose over 3%, also hitting a new all-time high.

The rally was broad, but real estate stocks led the charge, up more than 7%, followed by healthcare and industrials, per LSEG data.

CyberAgent jumped 16%, topping the Nikkei. Advantest climbed over 12%, and Sumitomo Electric Industries gained more than 11%.

Traders piled back into what’s being called the “Takaichi trade”, a bet on more stimulus, tax cuts, and looser money policy under her leadership, a continuation of Abenomics, but with bigger spending.

The yen strengthened to 156.88 per dollar, even as 10-year JGB yields climbed nearly 4 basis points to 2.274%, and 20-year yields rose about 3 basis points to 3.158%.