BTC drifts close to $110,000 while investors watch Friday’s data for signs of a rally.

Bitcoin Nears $110K as Gold Hits Record Highs Ahead of Fed Jobs Report

Bitcoin (BTC) hovered around $110,000 on Tuesday as gold surged past previous highs, signaling cautious sentiment among investors ahead of key Federal Reserve data.

Crypto markets saw modest recovery after a week of declines. Bitcoin climbed 2.7%, Ether (ETH) remained steady, and XRP ($2.80), Solana (SOL), and Dogecoin (DOGE, $0.21) gained over 3%, lifting overall market capitalization by 1.8%.

Gold, meanwhile, jumped to $3,508 per ounce, surpassing its April peak. With a 30% gain this year, gold outperformed Bitcoin’s 16% year-to-date rise, reflecting strong demand for traditional hedges.

Traders pointed to Fed Chair Jerome Powell’s Jackson Hole comments and weaker U.S. jobs data as catalysts. Investors appear increasingly drawn to hard assets to protect against monetary policy risks.

Nick Ruck, director at LVRG Research, noted, “Gold is serving as a hedge against monetary debasement and equity volatility. Bitcoin is evolving as a complementary inflation hedge, not a competitor.”

Ethereum shows signs of slowing, with active addresses down 28% since July. Augustine Fan of SignalPlus highlighted rotation within digital asset tokens (DATs), with Solana benefiting from a rebound in total value locked (TVL).

All eyes are now on Friday’s non-farm payroll report, with economists expecting roughly 45,000 new jobs and a 4.3% unemployment rate. A weak print could support a September rate cut and revive risk appetite, while markets remain cautious until the data arrives.