Bitcoin climbs 2.29%, nearing $62,000, while Ethereum gains 1.6%, following a U.S. jobs report that sparked market recovery. Learn more about the latest crypto trends.
Bollywoodfever: On Friday, the global cryptocurrency market experienced a boost, with Bitcoin (BTC) climbing 2.29%, nearing the $62,000 mark at 9:30 a.m. EDT. Ethereum (ETH) also gained momentum, rising 1.6% and approaching the $2,400 level.
Bitcoin and Ethereum Rally After U.S. Jobs Report
The upward trend followed a recovery that began earlier in the week, sparked by a U.S. jobs report showing unemployment dipping to 4.1%. This report led to increased U.S. Treasury yields and growing speculation of a Federal Reserve rate cut, potentially happening shortly after the 2024 election. The likelihood of a quarter-point cut stands at 89.7%, according to CME’s Fedwatch tool.
As of press time, the global crypto market holds a total value of $2.14 trillion, reflecting a 1.85% rise over the past day. Despite Friday’s 2.29% rise, Bitcoin has seen a 6% decline against the U.S. dollar over the past week. Ethereum has followed a similar trajectory, but both major cryptocurrencies are showing signs of recovery.
Liquidations Cool Off Heading Into the Weekend
Liquidation activity has slowed, with $128.17 million in long and short positions liquidated over the past 24 hours. Bitcoin saw $10.09 million in long positions and $13.63 million in shorts cleared, while Ethereum followed with $9.85 million in longs and $10.34 million in shorts wiped out. According to Coinglass.com, approximately 50,473 traders were liquidated over the past 24 hours.
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