Bitcoin perks up after robust jobs report, briefly surpassing $64K mark
Bitcoin (BTC-USD) surged in early trading, briefly surpassing $30K, following a strong jobs report indicating a resilient labor market. It peaked at $30.4K before settling at $30.5K. Ether (ETH-USD) rose 1.4% to $1.49K. Notable gainers included SUI (+18%) and TAO (+10%). Despite mixed performances in crypto-linked stocks, markets are preparing for upcoming Federal Reserve data releases, including CPI and PPI reports.
Bitcoin (BTC-USD) rallied in Monday morning trading, briefly exceeding the $64K level, on the heels of a stronger-than-expected jobs report and ahead of another data-packed week.
The largest cryptocurrency by market cap (BTC-USD) rose to as high as $64.4K earlier in the intraday session, before pulling back to $63.5K. Ether (ETH-USD), the second-largest crypto, drifted up 1.4% to $2.49K.
The biggest gainers among major token prices include: sui (SUI-USD) +18%, bittensor (TAO-USD) +10%, pepe (PEPE-USD) +7.1%, near (NEAR-USD) +6.6%, uniswap (UNI-USD) +6.5% and fetch.ai (FET-USD) +5.2%.
The swings come after the Department of Labor reported Friday the U.S. economy added far more jobs than economists had expected in September, portraying a labor market that's staying remarkably resilient. Still, it's only one month of data and the figures will be revised in coming months.
Major stock-market indices had climbed after the report, only to pare those gains on Monday. It's unclear exactly why bitcoin (BTC-USD) and the wider crypto market continued to rise.
Crypto-linked stocks were mixed, with Riot Platforms (RIOT) +4.3%, MicroStrategy (MSTR) +6.4%, Galaxy Digital (OTCPK:BRPHF) +5.3%, MARA Holdings (MARA) -1.9%, Bitfarms (BITF) -3% and Bakkt Holdings (BkKT) -2.3%.
Nonetheless, markets are getting ready to assess the Fed's release of the Federal Open Market Committee minutes from the September meeting this week, as well as fresh reads on the Consumer Price Index and the Producer Price Index.