Bitcoin
Other cryptocurrencies rose after March’s US jobs report was released. With the stock market closed on Good Friday, cryptocurrencies may have been a key indicator of risk sentiment.
Bitcoin’s price has risen less than 1% over the past 24 hours, rising from around $27,900 before the release of the labor market data to nearly $27,970. The largest digital asset was below the $28,000 level where the price recently leveled off. This is the highest level since the cryptocurrency crash accelerated last June, but trailing the recent surge near $29,500. Bitcoin has surged about 70% so far this year, fueling calls for a new bull market.
Broker Oanda analyst Edward Moya said, “Crypto traders appear to be heading into a long weekend as Bitcoin remains trapped in a range and the consolidation phase remains intact.” rice field. “Bitcoin needed a soft job number to provoke a market reaction, but that’s not what happened today. “
So far, crypto’s reaction has been calm, but with a long weekend ahead, restless crypto traders may be tempted to bid the price one way or another. If bullish sentiment prevails, the analyst will be eyeing the $30,000 levels as key. This is because it represents Bitcoin’s position before last summer’s crash turned into a brutal bar market.
Cryptocurrencies have recently returned to correlation with equities.
Dow Jones Industrial Average
and
S&P 500
In response to macroeconomic forces affecting both asset classes. With the stock market closed for the long weekend, digital asset traders are still reacting to the jobs report released at 8:30 a.m. ET and the non-farm payrolls to watch. There is a possibility.
Ads – scroll to continue
Bitcoin’s big rally so far this year comes amid hopes that the Federal Reserve will become more accommodative on monetary policy, easing rate hikes and may even cut interest rates in 2023. It was held in. Central banks’ past rate-hiking campaigns to tame inflation have been the driving force behind the plunge in stocks and cryptocurrencies over the same period.
The jobs report is a key data point before the Fed makes its next interest rate decision. In the US he added 236,000 people in March. Job growth is the slowest in years and below the economist’s forecast of 240,000 jobs. The response so far has been sluggish, as it is not significantly different from what the market expected.
Besides Bitcoin,
ether
— the second largest cryptocurrency — fell less than 1% to $1,850, largely stable despite Bitcoin’s move.Smaller cryptos or altcoins were more confused
Cardano
less than 1% and
polygon
Less than 1% discount. Mimecoin was weak in the wind.
dogecoin
— down 7% — but after an Elon Musk-backed rally in recent days
Shiba Inu
Flow less than 1%.
Ads – scroll to continue
Please contact Jack Denton at jack.denton@barrons.com.