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Latest US Labor Market Data Pushes Bitcoin Above $60K

Bitcoin maintained its position above the $60,000 mark after the release of the U.S. job market report on April 3, 2024. The new report altered predictions about when the Fed would cut its key interest rate, moving it to September instead of November.

Following the report’s publication, Bitcoin saw a rise of more than 4%, continuing its upward trend toward $62,000, as per data from CoinMarketCap. Bitcoin has seen substantial buying activity in recent hours, sending it above the $60K level. It did, however, run into some opposition at the $62K mark. At the moment, the price of Bitcoin is $61,783, up more than 4.6% over the previous day.

Ether also saw a rebound, crossing the $3,000 mark once again after fluctuating in the high $2,000 range for most of the week.

According to Ki Young Ju, CEO of CryptoQuant, Bitcoin whales amassed 47,000 BTC ahead of the Fed’s report.

The release of macroeconomic data has led to a revision in expectations regarding the Fed’s key interest-rate trajectory for 2024. Instead of one cut, the market is now factoring in two 0.25% cuts, with the first anticipated in September instead of November, prior to the statistical release.

Bloomberg analysts stressed that investors will need to pay close attention to the consumer pricing dynamics report, which is scheduled for release on May 15, 2024.

Ali Jaffery, an expert from CIBC Capital Markets, noted that despite the overall strength of the job market, further evidence of a slowdown or an unexpected sharp decline in employment is needed for the Federal Open Market Committee (FOMC) to reassess its employment mandate. Ultimately, the FOMC will maintain its current stance until there is clarity on inflation.

Following the publication of the job market report, global markets became more risk averse. The S&P 500’s stock index increased by 1.2%, but the fear and greed index for cryptocurrencies increased by five points, moving from fear to neutrality.

Recently, Bitcoin dropped below the $60,000 mark. Analysts at Santiment observed that the release of U.S. data generated conversations centered on the hashtag #buythedip and references to Bitcoin. This increase in sentiment suggests that traders are once again divided; some view it as a chance to purchase while others are cautious.

A number of factors, including Block’s declaration that it intended to buy Bitcoin, contributed to the cryptocurrency’s recent upswing. Block disclosed plans in its most recent earnings report to devote 10% of its gross sales from BTC goods to monthly BTC purchases, which might increase the present buying fervor.

As BTC continues its upward climb, industry actors such as Bit Mining Ltd. (NYSE: BTCM) are likely to enjoy some of the benefits that come from this bullish market, such as growth in investor interest as more people look to leverage the surging prices of cryptos.

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