Stocks surged to record highs once again after positive jobs data sparked a market rally. Bitcoin however, chugged along, mostly flat.
Bitcoin Steady as Stocks Rally After Upbeat Jobs Report
This article was published more than a month ago. Some information may no longer be current.
WRITTEN BY
SHARE
Jobs Report Buoys Optimism, Bitcoin Flat As Stocks Surge
Market sentiment was positive across the board on Thursday after the U.S. Bureau of Labor Statistics revealed better than expected June employment data. The economy created 147,000 jobs last month, and unemployment fell to 4.1%. Bitcoin barely budged, but stock markets rallied on the news, especially since experts had forecasted an increase of only 110,000 jobs and predicted unemployment would jump to 4.3%.
Just yesterday, Roseland New Jersey-based human resources firm ADP published a report indicating the private sector lost 33,000 jobs. Interestingly, there was little reaction to the negative news. To be fair, U.S. President Donald Trump announced a successful trade deal with Vietnam on the same day, which may have counteracted any negative fallout from the ADP report.
But after the government’s employment data was released earlier today, optimism abounded. The S&P 500, Nasdaq, and Dow all surged 0.76%, 0.89%, and 0.77% respectively at the time of reporting. Bitcoin was steady, hovering around $109K, and briefly crossing $110K at about 10am.
“Hats off to President Trump because this three-legged stool of his has really been powerful…trade, taxes, and regulations together,” said Alfredo Ortiz, CEO of Job Creators Network during a Thursday morning interview on Fox News. “It’s all about jobs, jobs, jobs.” Trump posted a video clip of Ortiz’s interview on Truth Social soon after the employment report was published.
Overview of Market Metrics
Bitcoin’s price remained between $108,605.80 and $110,541.46 over the past 24 hours and was trading at $109,606.88 at the time of reporting, up ever so slightly by 0.05% according to Coinmarketcap. The cryptocurrency is also up by 2.12% over seven days.
Trading volume increased by 10% to $55.86 billion and BTC’s market capitalization rose 2.54% to $2.3 trillion. The wider crypto sector was also up 0.02% and bitcoin dominance edged up 0.09% to reach 65.34%.
The value of open futures contracts or open interest, ticked upward by 0.81% to $76.56 billion. Liquidations totaled $63.17 million over the past day, with bears as the primary source of casualties. Bearish traders saw $48.25 million in short positions liquidated and $14.92 million in longs went up in smoke.
