BTC Above $27K; Investors Shrug Off Hot Jobs Data
By Kapil Rajyaguru
Bitcoin rose a little on Saturday, but largely shrugged off an unexpectedly strong jobs report, along with a week’s worth of upset and uproar over the U.S. debt ceiling, end-game negotiations and renewed inflation concerns.
The largest cryptocurrency by market capitalization was recently trading at about $27,180, up 1.2%. BTC edged above $27,000 shortly before U.S. equity markets opened on Friday after spending much of the previous two days well below this threshold, a result largely of the sort of inflationary angst that has hobbled prices over the past 18 months.
Ether was recently changing hands just over $1,905, up nearly 2% in the last 24 hours. The second largest crypto had spent much of the past seven days below this level as ETH investors also wrestled with macroeconomic headwinds.
Almost without exception, other major cryptos spent the day solidly in positive territory with ADA and SOL, the tokens of the Cardano and Solana smart contract platforms, recently rising more than 4% and 3.5%, respectively. Meanwhile, a bevy of small DeFi focused protocols were the big gainers of the past seven days, Synapse (SYN), and PancakeSwap (CAKE), climbing 15%, 13%, and 12%, respectively.
Stocks jumped following the robust U.S. Labor Department report that showed the economy adding 339,000 jobs in May, about 75% more than economists forecast and also markedly higher than the 294,000 jobs added in April.
The hot jobs data offered the latest evidence that the employment market remained tight, a sign that the economy isn’t done expanding and that inflation therefore will remain a concern. Yet a May unemployment rate of 3.7%, higher than the anticipated 3.5%, offered a more hopeful sign that the U.S. central bank may use to justify a halt to its steady diet of interest rate hikes. Rate increases have bedeviled crypto markets.
3verse’s IC 15 index was trading 37670 point up by almost 0.8%.
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