Bitcoin (BTC-USD) soared to an all-time high in Friday morning trading after February's jobs report reinforced expectations that the Federal Reserve will start cutting interest rates in June.
Largest cryptocurrency by market capitalization (BTC-USD) rose as as high as 70.1,000 dollars, exceeding the previous record. $691,000 It arrived earlier this week, rising to $68.2 million at 10:41 a.m. ET. Other major digital tokens have followed suit, with Ether (ETH-USD) Increase 4.3% It rose to $3.97,000, below the all-time high of $4.81,000 in November 2021.
Employment statistics from the U.S. Department of Labor were mixed. Nonfarm payrolls rose above consensus, but unemployment rose unexpectedly and wage growth slowed, reigniting hopes that the central bank could land on a soft landing.
Federal funds futures traders generally believe the Fed's policy shift will begin in June, with a 57.3% chance of a 25 basis point rate cut and a 23.3% chance of holding rates unchanged (versus 57.1% and 25.8%, respectively, the day before). That's what it means. Connect to CME's FedWatch tool.
A resurgence in virtual currency prices contributed to the rise in virtual currency-related stocks. MicroStrategy (MSTR), the largest corporate holder of BTC; 7% increaseCoinbase (COIN), which Goldman recently upgraded. 7.7% increaseBTC miners Riot Platform (RIOT) and Marathon Digital (MARA) rise 5.9% and 11.7%Each.