Bitcoin rose on Friday amid a broader advance in risk-driven markets as traders looked to upcoming U.S. nonfarm payrolls data to cement expectations for a September interest rate cut.
The world’s biggest cryptocurrency was also sitting on some gains this week, as it recovered from steep declines logged through most of August. Broader crypto prices, however, tread water on Friday and were also nursing rangebound performances for the week.
Bitcoin rose 0.8% to $111,537.3 by 01:35 ET (05:35 GMT). 
Nonfarm payrolls awaited for more cues 
Crypto markets largely lagged an uptick in broader risk-driven assets this week, amid increasing conviction that the Federal Reserve will cut interest rates later this month. 
Expectations of a rate cut were furthered by several Fed officials stating that weakness in the labor market will make the central bank more open to easing. The comments echoed a similar notion raised by Fed Chair Jerome Powell in August. 
Other data on the labor market released this week– including job openings and jobless claims– missed expectations, adding to speculation over a September cut.
Nonfarm payrolls data– due at 08:30 ET (12:30 GMT) is expected to show employment growth remained weak in August, adding to signs of a cooling labor market. The reading is expected to prime the Fed for a September cut.
Fed fund futures showed markets pricing in an over 96% chance the Fed will cut rates by 25 basis points during its September 16-17 meeting, according to CME Fedwatch. 
Lower rates tend to benefit assets such as crypto, given that they increase market liquidity levels and free up more capital for speculation. 
Crypto price today: Bitcoin set for weekly gains, altcoins lag 
Bitcoin was trading up 2.6% this week, seeing some relief after tumbling from record highs through late-August. The world’s largest crypto still remained largely rangebound, taking limited support from more corporate Bitcoin buying and plans for friendlier regulations in the United States. 
Broader crypto prices largely lagged Bitcoin this week. World no.2 crypto Ether fell 0.6% to $4,338.67, and was nursing small losses for the week.
Solana fell 0.9%, while Cardano rose 0.2%, with both altcoins also set for a muted weekly finish.
Among meme tokens, Dogecoin was flat, while $TRUMP added 0.6%.