Crypto-Related Stocks Surge as Job Growth Slows and Rate Hike Expectations Cool
U.S. crypto-related stocks saw a significant surge on Friday, with TeraWulf (WULF.US) leading the pack, gaining over 8% in value. Other notable gains came from IREN (IREN.US), up more than 7%, and Robinhood (HOOD.US), MARA (MARA.US), and Cipher Digital (CIFR.US), each rising by over 5%. This uptrend comes as the market digests the latest nonfarm employment figures released by the U.S. Department of Labor on September 2nd. The data showed a significant slowdown in job growth, with the economy adding only 29,000 nonfarm jobs in September, a stark contrast to the revised 133,000 in August and the 12-month average of 45,000. As a result, expectations for the Federal Reserve to continue raising interest rates at its October monetary policy meeting have cooled down.
The cryptocurrency market also experienced a broader advance, with Bitcoin (BTC) rising 1.93% to $85,679 and Ethereum (ETH) gaining 0.89% to $2,710. While these gains are notable, it's essential to remember that the market is highly volatile and can fluctuate rapidly.