NatalieLopez
8 Mar 24
In Friday's morning trading, Bitcoin (BTC-USD) reached a new record high following the release of the February jobs report, boosting predictions that the Federal Reserve will initiate interest-rate reductions in June. The largest cryptocurrency by market cap saw a 3.4% surge to $69.6K, surpassing it...
In Friday's morning trading, Bitcoin (BTC-USD) reached a new record high following the release of the February jobs report, boosting predictions that the Federal Reserve will initiate interest-rate reductions in June. The largest cryptocurrency by market cap saw a 3.4% surge to $69.6K, surpassing its previous record of $69.1K earlier in the week. Additionally, other major digital tokens, such as ether (ETH-USD), rose by 4.3% to $3.97K, although it still trails its November 2021 all-time high of $4.81K. The U.S. Labor Department's jobs data presented a mixed picture: while nonfarm payrolls exceeded expectations, the unemployment rate unexpectedly increased, and wage gains moderated, reigniting hopes that the central bank will achieve a soft landing. Furthermore, Fed funds futures traders are largely anticipating the Fed's pivot to begin in June, with a 57.3% likelihood of a 25 basis point rate cut and a 23.3% chance of holding rates steady, according to CME's FedWatch tool.
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.