We do the research, you get the alpha!
Get exclusive reports and key insights on airdrops, NFTs, and more! Subscribe to Alpha Reports now and enjoy the game!
Go to Alpha Report
Bitcoin It topped $61,000 just an hour after the government jobs report was released.
At the time of publication, bitcoin price The price rose 5.2% on the day to about $61,640, according to data from CoinGecko.
The Bitcoin price surge follows the U.S. government’s non-farm payrolls report released this morning, which projected the unemployment rate for April to be 3.9%. This is 0.1% higher than the expected 3.8%.
High unemployment has increased the likelihood that the Federal Reserve will consider lowering interest rates, making risky assets like stocks and cryptocurrencies more attractive.
The Federal Reserve cut interest rates to between 0 and 0.25% in March 2020 in response to the COVID-19 pandemic. But two years later, in March 2022, the Federal Reserve began raising interest rates to combat inflation. The increases continued until July 2023, peaking at 5.50% from 5.25%. Bitcoin closed the month at $29,230.11, down 4.1% for the month and half its current price.
It’s been a tough week for Bitcoin. After the launch of the Hong Kong Bitcoin and Ethereum ETF on April 30, the price of Bitcoin first fell below $60,000 and eventually fell below $57,000. This led Bitcoin billionaire Arthur Hayes to predict that Bitcoin price had hit bottom. In a blog post, the former BitMEX CEO predicted that the price would “hit bottom, cut down, and then slowly start to rise.”
Bitcoin ETF is taking a hit with weekly outflows of $599 million. Coin Share. The United States was hit particularly hard yesterday, with BlackRock’s IBIT fund suffering its first daily loss, with outflows of $860 million. However, Hong Kong’s ETF performed positively, with inflows of almost $300 million in the first week.
Ethereum has seen similar gains since the Nonfarm Payroll report was released, rising 2.8% to around $3,050. During the same period, Solana rose 4.4% to around $142 amid active trading of the meme coin on the blockchain.
