Bitcoin surges past $60k following release of US labor market report
Bitcoin’s price has surpassed $60,000 and is showing signs of consolidation following the release of the U.S. labor market report. This surge in Bitcoin’s value occurred shortly after the report’s publication, which led to a shift in expectations regarding the Federal Reserve’s key rate cut timeline. Previously anticipated for November, the rate cut is now expected to happen in September.
In response to the release of the statistics, Bitcoin experienced a gain of over 4% and continues to grow, inching closer to $62,000, as reported by CoinMarketCap. It was revealed by CryptoQuant CEO Ki Young Ju that Bitcoin whales had accumulated 47,000 BTC in anticipation of the Fed’s report.
The publication of the U.S. labor market report has also impacted macroeconomic data, resulting in a revised trajectory for the Fed key rate in 2024. Instead of one cut of 0.25%, the market now considers the possibility of two cuts of the same percentage. The first cut is expected to take place in September, rather than November as initially projected.
Bloomberg analysts have identified the report on consumer price dynamics on May 15 as the crucial report for investors in light of these developments.
Following the release of the U.S. labor market report, there has been an increase in risk appetite in global markets. The S&P 500 stock index opened up 1.2%, and the cryptocurrency index of fear and greed has risen by five points, transitioning from the fear zone to the neutral zone.
It is worth noting that Bitcoin’s price recently dipped below the $60,000 threshold. Santiment analysts have observed that the released data in the United States has sparked discussions around the hashtag #buythedip and mentions of BTC. This increase in sentiment suggests a renewed polarization among traders, with some viewing it as a buying opportunity and others remaining cautious.
In summary, Bitcoin’s price has consolidated above $60,000 following the release of the U.S. labor market report. This report has influenced expectations regarding the Federal Reserve’s key rate cut timeline, leading to a surge in Bitcoin’s value and renewed polarization among traders.
