Weaker Jobs Data Boosts Cryptocurrency Prices Amid Rate Hike Uncertainty

Cryptocurrency prices surged after the release of weaker-than-expected jobs data from the U.S., reducing rate hike expectations from the Federal Reserve. The Federal Open Market Committee's (FOMC) rate hike expectations dropped to 20.5 percent from 24.4 percent a day earlier and 64.2 percent a week earlier.

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 additions of 90 thousand. The unemployment rate increased to 4.2 percent from 4.1 percent.

The weaker jobs data led to a decline in the dollar and bond yields, which in turn boosted sentiment towards cryptocurrencies. Bitcoin (BTC) touched a 24-hour high of $87,146, while Ethereum (ETH) rose 0.7 percent to $2,708.12. Other cryptocurrencies, such as BNB, XRP, and Solana, also saw price increases.