Crypto-Related Stocks Soar as US Jobs Data Cools Fed Rate Hike Expectations

The US stock market saw crypto-related stocks rise on Friday, with TeraWulf (WULF.US) leading the pack at over an 8% gain. Other notable gains include IREN (IREN.US), up over 7%, and Robinhood (HOOD.US), MARA (MARA.US), and Cipher Digital (CIFR.US), each increasing by more than 5%. The US Department of Labor released data on the 2nd showing that the country added only 29,000 nonfarm jobs in September, a significant decrease from August's revised 133,000. This unexpected employment figure has cooled expectations for the Federal Reserve to continue raising interest rates at its October meeting.

The cryptocurrency market as a whole saw an uptick on Friday, with Bitcoin rising 1.93% to $85,679 and Ethereum gaining 0.89% to $2,710. The increased activity in crypto-related stocks and the cryptocurrency market as a whole may indicate that investors are becoming more optimistic about the sector.