Bitcoin’s price experienced a modest increase, defying the impact of a powerful jobs report and concerns surrounding the U.S. debt ceiling and inflation. The leading cryptocurrency, with a market capitalization, hovered around $27,180, marking a 1.2% rise. After remaining below the $27,000 mark for the past two days due to inflation-related apprehensions, BTC briefly surpassed that threshold as U.S. equity markets opened on Friday, Coindesk reported.
Edward Moya, senior market analyst at Oanda, highlighted Bitcoin’s resilience in the face of an occupied week that involved discussions on a debt limitation deal, a complex jobs report indicating both increased hiring and mounting layoffs, and ongoing regulatory considerations for cryptocurrencies. Moya drew attention to the Securities Clarity Act, which aims to bring clarity regarding the categorization of certain tokens as unregistered securities.
Ether, the second-largest cryptocurrency, also saw gains, trading at approximately $1,905, representing an almost 2% increase from the previous day. However, ETH had faced challenges throughout the week due to macroeconomic headwinds.
In a positive trend, most other major cryptocurrencies demonstrated solid performance. Tokens like ADA (Cardano) and SOL (Solana) recorded gains of over 4% & 3.5%, respectively. Additionally, various decentralized finance (DeFi) protocols, such as Lido, Synapse, and PancakeSwap, experienced substantial growth over the past week, according to the CoinDesk Market Index.
The release of a robust jobs report by the U.S. Labor Department caused stocks to surge, with the economy counting 339,000 jobs in May—significantly exceeding economists’ expectations. The report indicated the tight labor market, suggesting ongoing economic expansion and potential inflation concerns. However, the slightly higher-than-anticipated unemployment pace of 3.7% in May may provide justification for the U.S. central bank to reconsider its interest rate hike plans.
As a result, the S&P 500 and Nasdaq Composite, both heavily influenced by the technology sector, experienced jumps of 1% and 1.4%, respectively. Conversely, the price of safe-haven gold had approached record highs recently, declining by 1.5% to $1,965.
