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Bitcoin and Ethereum Soar Following Strong US Jobs Report
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Bitcoin jumped Friday—along with stocks—following the release of a Labor Department report showing that U.S. job growth was up.
The biggest cryptocurrency was trading for $21,246 at the time of writing—a 4.8% 24-hour increase.
It’s the first time the asset has reached past $21,000 since September, according to CoinGecko data.
Ethereum, the second largest cryptocurrency by market cap, was doing even better: up 7% in a day priced at $1,652.
Both cryptocurrencies have gained significantly in the past week: Ethereum is up nearly 10% while Bitcoin is 4.7% higher than it was seven days ago.
The rest of the top 20 coins and tokens were also in the green—except for Dogecoin, the eighth biggest digital asset. The “meme coin” and Elon Musk personal favorite dropped 2.6% following news that Twitter’s crypto plans may be changing.
It is currently priced at $0.12—still up 65% in seven days—after a stellar week of trading following the Tesla CEO’s acquisition of Twitter.
The Labor Department’s report showed that the U.S. economy added 261,000 jobs in October, but the unemployment rate increased by 0.2 percentage points to 3.7%—more than forecast.
Stocks jumped on the news as investors interpreted the figures as a mixed bag with the rise in both unemployment and jobs: The hope is that the Fed may slow down with its aggressive rate hikes.
Crypto has largely followed U.S. equities this week as the Federal Reserve has signaled it will continue upping interest rates until inflation—currently at a 40-year high in the U.S.—is under control.
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