US labor market data
Interest rate hope lives! Bitcoin suddenly rises again
At the end of the week, the crypto market benefited from hopes of a less tight US monetary policy. On Friday afternoon, the price of the best-known digital currency, Bitcoin, jumped above the USD 60,000 mark.
At the day's high, around 60,750 dollars were paid for one Bitcoin on the Bitstamp trading platform. That was around 1,600 dollars or just under three percent more than the day before. Other crypto assets also rose.
New figures from the US labor market
This may have been triggered by new figures from the US labor market. The government's monthly jobs report was significantly weaker than expected: Employment rose less than forecast and unemployment increased - albeit at a low level.
"A poor jobs report gives the recently dampened interest rate cut fantasies a new breeding ground," commented crypto expert Timo Emden from Emden Research.
The US Federal Reserve could now feel encouraged to adopt a cautious monetary policy sooner than expected.
Kryptoexperte Timo Emden
Job market situation has a major impact on monetary policy
The situation on the job market is having a major impact on the Fed's monetary policy. Together with tough inflation, the robust labor market is preventing the Fed from cutting interest rates quickly. However, if the trend weakens, monetary easing could come closer again. "The US Federal Reserve could now feel encouraged to adopt a cautious monetary policy sooner than expected," explained Emden.
Falling interest rates are generally seen as beneficial for risky investments, which include cryptocurrencies due to their high price volatility.
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