Crypto Markets Jump on Weaker Jobs Data
Cryptocurrency markets surged overnight in response to weaker-than-expected jobs data from the U.S., which significantly reduced expectations of a rate hike by the Federal Reserve. The data, released by the U.S. Bureau of Labor Statistics on Friday morning, showed an addition of 29 thousand to non-farm payrolls in September, compared with a downwardly revised 133 thousand additions in the previous month and expectations of 90 thousand. This led to a weakening of the dollar, easing of bond yields, and a decrease in rate hike expectations.
The six-currency Dollar Index declined by 0.39 percent overnight to 101.70, while the likelihood of a quarter percentage rate hike by the Fed in October dropped to 20.5 percent from 24.4 percent a day earlier and 64.2 percent a week earlier. Bitcoin (BTC) rose 1.9 percent on an overnight basis to $85,592.68, with Ethereum (ETH) increasing by 0.7 percent to $2,708.12.
Other cryptocurrencies also experienced gains, including BNB (BNB), which added 1.5 percent overnight, and XRP (XRP), which rallied 3.2 percent to $1.53. Solana (SOL) increased by 3.7 percent to $122.06, while TRON (TRX) rose 0.57 percent to $0.3349.