On Friday, the global crypto market saw a boost in value, with bitcoin ( BTC) climbing 2.29%, approaching the $62,000 mark at 9:30 a.m. EDT. Ethereum ( ETH) joined the upward trend, gaining a more modest 1.6%, pushing toward the $2,400 level.
Bitcoin Nears $62K as Crypto Rebounds on Jobs Report and Rate Cut Hopes
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Bitcoin and Ethereum Climb Following U.S. Jobs Report
This rebound came on Oct. 4 after several days of broad declines across the market, driven by tensions between Israel and Iran. The week’s recovery began on Monday, thanks to a U.S. jobs report showing unemployment dipping to 4.1%. Following the report, U.S. Treasury yields increased, and the market began to anticipate another rate cut by the Federal Reserve, likely a few days after the 2024 election.
Currently, the likelihood of a half-point rate cut is low, with CME’s Fedwatch tool showing just a 10.3% probability, while a quarter-point cut sits at a much higher 89.7%, expected within 34 days. As of press time, the global crypto market holds a value of $2.14 trillion, showing a 1.85% increase over the past day. Bitcoin is trading just below $62,000, at $61,570 per coin, at 9:30 a.m. EDT. Despite its 2.29% increase on Friday, BTC has dropped 6% against the U.S. dollar over the past week.
As we head into the weekend, liquidation activity has cooled off, with Friday seeing fewer liquidations compared to the prior two days. Over the last 24 hours, $128.17 million in long and short positions were liquidated. Out of that, BTC saw $10.09 million in long positions wiped out and $13.63 million in shorts liquidated. Ethereum followed with $9.85 million in long positions and $10.34 million in shorts being cleared. According to Coinglass.com data, about 50,473 traders were liquidated in the past 24 hours, as of 9:15 a.m. Friday.
What do you think about bitcoin and the crypto market action on Friday morning? Share your thoughts and opinions about this subject in the comments section below.
