After the better-than-expected US jobs report in October showed the labor market remained surprisingly sound even as the Fed tried to cool the economy. Bitcoin (BTC) It exceeded $21,000.
Bitcoin Price Hits Highest Since Sept. 13
Bitcoin (BTC) price has soared as high as $21,287 in the past 24 hours, reaching the highest point since September 13.
At the time of this writing, the world’s largest cryptocurrency BTC is trading at $20,734, up 2.74% in the last 24 hours, according to data from CoinMarketCap.
BTC price dropped to $20.181 in the past 24 hours.
The world’s largest altcoin Ethereum It also follows a similar bullish chart. At the time of this writing, ETH price is trading at $1,624 with its 5.30% rise in the last 24 hours.
Traditional markets also performed strongly on Friday, with the Standard & Poor’s 500 Index rising 0.2%.
Earlier this week, the Federal Reserve hinted that lower interest rates could be applied to curb high inflation in December and at future monetary policy meetings.
However, Fed Chairman Jerome Powell warned at a press conference that officials had not even begun to discuss a full pause in interest rate hikes as some economists and investors began to speculate.
“A transition to a slower rate of tightening for the Fed still seems possible, which will give cryptos a short-term boost,” Edward Moya, senior market analyst at Oanda, wrote in a note Friday.
On the other hand, at this stage, experts think that BTC’s transition to a mini rally after today’s US data is positive for the market. Because, regardless of the direction of the data from the USA, a decrease was observed in the crypto money markets recently.
While an upward movement is considered important today, whether a permanence above $ 20,800 can be achieved will be decisive for the coming days.
*Not investment advice.
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