Crypto market benefits from US labor market data

Crypto market benefits from US labor market data

The recent hope for a less restrictive monetary policy in the USA gave the crypto market a boost at the end of the week. On Friday afternoon, the Bitcoin price reached the $60,000 mark for the first time in a long time. A daily high of around $60,750 per Bitcoin was recorded on the Bitstamp trading platform, which corresponds to an increase of almost three percent compared to the previous day. Other cryptocurrencies were also able to benefit from this positive trend.

The new figures from the US labor market contributed significantly to this development. The government's monthly jobs report came in weaker than expected, fueling speculation about possible easing of the Fed's monetary policy. Such a move could soon be considered given the sluggish inflation and robust labor market situation, according to crypto expert Timo Emden of Emden Research.

Falling interest rates are generally seen as beneficial for high-risk assets, which include cryptocurrencies due to their high price fluctuations. A possible monetary policy easing in the USA could therefore mean further positive momentum for the crypto market. Observers are curious to see how the situation on the labor market and the decisions of the US Federal Reserve will develop in the coming weeks.

Overall, the crypto market is currently showing its positive side, spurred on by the prospect of a possible interest rate cut in the USA. Investors and interested parties are keeping an eye on further developments surrounding US monetary policy, as this could have a decisive impact on the cryptocurrency markets.