Bitcoin trades above $61,000, rebounding with equities after weak US jobs report
The Block2024/05/03 16:22
By:Brian McGleenon
Bitcoin was back above the $61,000 mark following a weaker-than-expected U.S. jobs report, which weakened the dollar and raised the likelihood of a rate cut in September.
Bitcoin
BTC +4.60% climbed back above the $61,000 mark, tracking major equity indices higher, as a weaker-than-expected U.S. jobs report contributes to a decline in dollar strength.
Equity markets react to U.S. jobs data
Major equity indices reacted to the news by posting daily gains. During mid-day trade in the U.S. on Friday, the Dow Jones was up by 1.14%, while the SP 500 gained 1.11%, and the Nasdaq Composite rose by 1.92%.
According to Ryze Labs analysts, the latest jobs report data has painted a gloomy picture for first-quarter real GDP growth in the U.S. However, the Ryze Labs analysts interpreted Wednesday's Federal Open Market Committee (FOMC) meeting as taking on a more dovish tone, noting how Fed Chair Jerome Powell announced a $35 billion per month taper to quantitative tightening and signaled that rate hikes are unlikely in the near future.
"With rate hikes off the table and
markets already pricing in little to no cuts for 2024, we think that this bodes constructively for risk assets as the worst of stagflationary headwinds might be behind us," Ryze Labs analysts said in an email sent to The Block.
The
bitcoin price increased 4.2% in the past 24 hours and was trading at $61,669 at 11:56 a.m. ET, according to The Block’s Price Page .
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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