WASHINGTON (dpa-AFX) - A weaker-than-expected jobs data report from the U.S. drastically reduced rate hike expectations from the Federal Reserve in the October FOMC, boosting sentiment towards cryptocurrencies. Overall cryptocurrency market capitalization has surged 2.1 percent overnight to $2.93 trillion. Bitcoin touched a 24-hour high of $87,146.
Data released by the U.S. Bureau of Labor Statistics on Friday morning showed an addition of 29 thousand to non-farm payrolls in September. This compares with a downwardly revised 133 thousand additions in the previous month and expectations of additions of 90 thousand. Simultaneously, the unemployment rate which was expected to remain steady at 4.1 percent increased to 4.2 percent.
Amidst the shocking update from the U.S. job market, the dollar weakened, bond yields eased and expectations of a rate hike by the Federal Reserve dropped.
The six-currency Dollar Index which measures the U.S. Dollar's strength against a basket of 6 currencies is currently trading at 101.70, implying an overnight decline of 0.39 percent from 102.10 at the previous close.
Bond yields eased across regions and tenors as markets became doubtful of another immediate rate hike by the Federal Reserve in October.
Simultaneously, the likelihood of a quarter percentage rate hike by the Fed in October has dropped to 20.5 percent from 24.4 percent a day earlier and 64.2 percent a week earlier.
Bitcoin (BTC), the largest cryptocurrency is currently trading 1.9 percent higher on an overnight basis at $85,592.68, around 32 percent below the all-time high of $126,198. The leading cryptocurrency has gained 2.1 percent in the past week and lost 3.5 percent on a year-to-date basis. The 24-hour trading ranged between $87,146.35 and $83,794.29.
Bitcoin Spot ETF products in the U.S. witnessed net inflows of $103 million on Thursday versus net outflows of $149 million on Wednesday. iShares Bitcoin Trust ETF (IBIT) topped with net inflows of $196 million.
Bitcoin is currently ranked in the 11th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com. The leading cryptocurrency is positioned between 10th ranked Meta Platforms and 12th ranked Broadcom.
Ethereum (ETH) is trading 0.7 percent higher at $2,708.12, around 45 percent below the all-time high of $4,953. The leading alternate coin has gained 0.6 percent in the past week but has lost 9.7 percent on a year-to-date basis. The 24-hour trading ranged between $2,773.52 and $2,672.89.
Ethereum Spot ETF products in the U.S. witnessed net outflows decreasing to $55 million on Thursday from $60 million on Wednesday. Fidelity Ethereum Fund (FETH) topped with net outflows of $24 million.
Ethereum is currently ranked in the 55th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked BNB (BNB) added 1.5 percent overnight resulting in price increasing to $780.82.
5th ranked XRP (XRP), a payments-focused cryptocurrency rallied 3.2 percent overnight and is currently trading at $1.53.
The price of 7th ranked Solana (SOL) increased 3.7 percent overnight to $122.06, around 59 percent below the all-time high of $294.33. U.S.-listed Solana Spot ETF products witnessed net outflows decreasing to $1 million on Thursday from $13 million on Wednesday.
TRON (TRX) ranked 8th overall is currently trading 0.57 percent higher at $0.3349.
9th ranked Zcash (ZEC) edged up 0.15 percent overnight and the cryptocurrency is currently trading at $1,393.37, around 77 percent below the all-time high of $5,941.80. U.S.-listed Zcash Spot ETF products witnessed net outflows of $29 million on Thursday versus net outflows of $30 million on Wednesday.
10th ranked Hyperliquid (HYPE) rallied 2.3 percent on an overnight basis to $90.66, around 7 percent below the all-time high of $97.98. U.S.-listed Hyperliquid Spot ETF products witnessed net inflows of $5 million on Thursday versus net outflows of $5 million on Wednesday.
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