{"id":13203,"date":"2024-05-03T17:25:14","date_gmt":"2024-05-03T14:25:14","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-surges-past-60000-following-u-s-labour-market-report\/"},"modified":"2024-05-03T17:25:14","modified_gmt":"2024-05-03T14:25:14","slug":"bitcoin-surges-past-60000-following-u-s-labour-market-report","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-surges-past-60000-following-u-s-labour-market-report\/","title":{"rendered":"Bitcoin Surges Past $60,000 Following U.S. Labour Market Report"},"content":{"rendered":"<p>The price of Bitcoin has solidified above the psychological threshold of $60,000. The catalyst for this rise was a U.S. employment report, which shifted expectations for a Federal Reserve rate cut from November to September, according to <a href=\"https:\/\/www.bloomberg.com\/news\/live-blog\/2024-05-03\/us-employment-report-for-april\">Bloomberg<\/a>.<\/p>\n<p>According to the Labour Department report, April saw the addition of 175,000 new jobs in the non-farm sector, compared to 303,000 in March and a forecast of 238,000.<\/p>\n<p>The unemployment rate increased from 3.8% to 3.9%, contrary to expectations of it remaining unchanged.<\/p>\n<p>Annual wage growth slowed from 4.1% to a June 2021 low of 3.9%. Analysts had predicted a slowdown to 4%.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-1024.webp\" alt=\"1-1024\" class=\"wp-image-232095\"\/><figcaption class=\"wp-element-caption\">Data: Bloomberg.<\/figcaption><\/figure>\n<p>The macroeconomic data prompted a reassessment of the Federal Reserve&#8217;s key rate trajectory for 2024\u2014markets now anticipate two 0.25% cuts, with the first expected in September instead of November before the statistics were released.<\/p>\n<p>The agency noted that the upcoming consumer price dynamics report on May 15 will now be crucial for investors.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cOverall, the labour market remains strong, and they will need to see more evidence of a slowdown or an unexpected sharp drop in employment [\u2026]. Ultimately, the committee will hold the rate until there is clarity on inflation,\u201d<\/em> commented Ali Jaffery of CIBC Capital Markets.<\/p>\n<\/blockquote>\n<p>Bloomberg editor Chris Anstey explained that wages constitute a large portion of costs in the services sector. The slowdown in wage growth should theoretically help ease price pressures in this sector and alleviate Federal Reserve concerns, the expert noted.<\/p>\n<p>Following the U.S. labour market report, global markets saw an increased appetite for risk. The S&#038;P 500 index opened 1.2% higher. The yield on two-year bonds, sensitive to Federal Reserve policy, fell by 9 basis points to 4.88%.<\/p>\n<p>The cryptocurrency market&#8217;s reaction was more pronounced\u2014the daily growth rates of the top 10 assets by market capitalization, excluding stablecoins, ranged from 1.7% (XRP) to 13.7% (TON), according to <a href=\"https:\/\/www.coingecko.com\/\">CoinGecko<\/a>.<\/p>\n<p>Bitcoin gained 3.5% within an hour of the statistics release and continues to rise, approaching $62,000. Ethereum&#8217;s growth was more modest at 2.2% ($3050).<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-786.webp\" alt=\"2-786\" class=\"wp-image-232096\"\/><figcaption class=\"wp-element-caption\">15-minute BTC\/USDT chart on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\" target=\"_blank\" rel=\"noreferrer noopener\"> TradingView<\/a>.<\/figcaption><\/figure>\n<p>According to CryptoQuant founder and CEO Ki Young Ju, Bitcoin whales accumulated 47,000 BTC in the past 24 hours.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> whales accumulated 47K <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> in the past 24 hours. We&#8217;re entering a new era. <a href=\"https:\/\/t.co\/SXgzToN8GU\">pic.twitter.com\/SXgzToN8GU<\/a><\/p>\n<p>\u2014 Ki Young Ju (@ki_young_ju) <a href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1786329424633516461?ref_src=twsrc%5Etfw\">May 3, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cWe&#8217;re entering a new era,\u201d<\/em> he commented.<\/p>\n<\/blockquote>\n<p>Former BitMEX CEO Arthur Hayes had predicted that the price of the leading cryptocurrency would surpass $60,000 and move towards $70,000 over the summer.<\/p>\n<p>Earlier, Bitfinex&#8217;s head of derivatives, Jag Kooner, identified signs of the market transitioning to a summer lull.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The price of Bitcoin has solidified above the psychological threshold of $60,000. The catalyst for this rise was a U.S. employment report, which shifted expectations for a Federal Reserve rate cut from November to September, according to Bloomberg. According to the Labour Department report, April saw the addition of 175,000 new jobs in the non-farm [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13202,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1224],"class_list":["post-13203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-macroeconomics"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13203","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=13203"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13203\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/13202"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=13203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=13203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=13203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}