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Bitcoin (BTC-USD) rebounded on Friday after a weak US jobs report eased concerns about higher interest rates for a longer period.
Largest cryptocurrency by market cap (BTC-USD) jumped 4% to $61.7K at 3:27 PM ET, compared to $59.1K that had changed hands in just minutes. Before the April Non-Farm Payrolls report arrives.
The US economy added 175,000 jobs in April, fewer than the 243,000 jobs expected and at a slower pace than the 315,000 jobs in March (revised from 303,000), according to the US Department of Labor. The latest number represents the smallest payroll growth of 2024, the largest being 315,000 in March.
Wage growth also slowed last month, which could give the Fed confidence to ease interest rates later this year.
Ethereum (ETH-USD), the world's largest altcoin, also saw buying pressure on the back of colder-than-expected jobs data. Advance 2.2% To $3.06 thousand at the time of writing. Note that the cryptocurrency price gains coincided with a strong stock market rally, with all three major US indices rising by at least 1%.
“It is interesting to note that Bitcoin rose 5% after the non-farm payrolls failure,” said Althea Spinuzzi, head of fixed income strategy at Saxo Bank. He said Posted by
Several cryptocurrency-related stocks posted intraday gains as well: MicroStrategy (MSTR) +7.7%Riot Control Pads (RIOT) +1.6%Marathon Digital (MARA) +2.4%Galaxy Digital (OTCPK:BRPHF) +3.4%Packet (BKKT) +1.6% And Clean Spark (CLSK) +1.1%.