Bitcoin’s price rose 3.2% on Friday after a job report from the Bureau of Labor Statistics indicated that the United States was far from experiencing an economic slowdown. The organization reported that American employers had added over 250,000 jobs last month, surpassing analysts’ expectations of about 140,000 jobs.
Notably, September became the second month this year that US employers have added over 250,000 or more jobs. The last significant job additions happened in March, when 310,000 individuals were employed. Meanwhile, the Bureau of Labor Statistics said the US unemployment rate had declined to 4.1% from 4.2%, matching June’s rate.
Bitcoin Continues to Rally After Latest Jobs Reading
The positive jobs report has helped Bitcoin begin a recovery rally after a rough start earlier last week, fueled by reports that Iran had attacked Israel. Data from CoinGecko shows BTC trading at $63,327, following a 2.5% growth in the past 24 hours.
21Shares’ analyst Leena ElDeeb took on X over the weekend to claim that Friday’s jobs report was bullish for risk assets like crypto and stocks. She added that the data will encourage the Federal Reserve to continue lowering interest rates, thus making Bitcoin more attractive than traditional investments.
While some crypto experts fear that the uncertainty over the US presidential election will prevent ‘Uptober’ (a period when Bitcoin’s price rallies significantly), Leena is optimistic that history will repeat itself and Bitcoin will end October with massive gains.
Analyst Predicts a 25 Bps Interest Rate Cut
She, however, does not think the Fed will slash interest rates by 50 bps following the strong labor reading. She predicts a 25 bps cut at the upcoming FOMC meeting. Similarly, traders’ expectations of a 50 bps rate cut have declined from 32% to 5% since Friday, according to data from CME Group’s FedWatch Tool.
Nonetheless, researchers at asset manager Grayscale have insisted that the ongoing interest rate cuts and solid economic growth could boost investors’ risk appetite, thus increasing the demand for risk assets like Bitcoin.
Ethereum’s Price Performance
Like Bitcoin, Ethereum has rallied in the past 24 hours. Data from CoinMarketCap shows this digital asset trading at $2,493 after surging 3.2%.
