Cryptos Soar on Weaker-than-Expected US Jobs Data

Cryptocurrency market capitalization surged 2.1 percent to $2.93 trillion overnight after a weaker-than-expected jobs data report from the U.S. reduced rate hike expectations from the Federal Reserve.

The U.S. Bureau of Labor Statistics reported an addition of 29 thousand to non-farm payrolls in September, compared to a downwardly revised 133 thousand additions in the previous month and expectations of 90 thousand.

The unexpected jobs data sparked a decline in the dollar, easing of bond yields, and a drop in expectations of a quarter percentage rate hike by the Federal Reserve in October, now at 20.5 percent.

Bitcoin (BTC) traded 1.9 percent higher at $85,592.68, around 32 percent below its all-time high of $126,198, while Ethereum (ETH) was 0.7 percent higher at $2,708.12, around 45 percent below its all-time high.