The Bitcoin cryptocurrency. (Photo: Getty Images/VNA)
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Bitcoin rose 3% to close at over $62,000 per BTC on October 4, 2024, following stronger-than-expected US jobs data, capping a week of wild swings for the world’s most popular digital currency.
According to the US Department of Labor, the US economy added 254,000 jobs in September 2024, far exceeding the 140,000 jobs predicted by some economists, indicating the country’s economic resilience. The US unemployment rate also dropped from 4.2% to 4.1%.
These figures, along with easing inflation, reduced the likelihood of aggressive interest rate cuts by the US Federal Reserve (Fed).
The positive jobs report boded well for bitcoin, which had dipped 6% earlier in the week to around $60,000 per BTC, partly due to Middle East tensions. Bitcoin gradually climbed as the market and investors awaited the release of the US September 2024 jobs report.
Per CoinGecko data, a few hours after the report’s release, the leading digital currency rose over 1%. Other cryptocurrencies like Ethereum and XRP witnessed similar gains.
For some analysts, this signified a positive turn for the digital asset market. However, Professor Omid Malekan of Columbia Business School argued that it remained unclear how this news would impact bitcoin’s long-term price trajectory.
Despite bitcoin’s 124% surge in 2023 and its record high of $72,000 per BTC in March 2024, Professor Malekan noted that it had hovered around the $62,000 mark for the past eight months.
According to Malekan, the robust US economy meant the Fed would not cut interest rates as swiftly as the market anticipated.
However, given the events of most of 2024, he believed more time was needed to accurately assess the impact of the US economic situation on bitcoin’s price.
Malekan also pointed to uncertainties surrounding other macroeconomic factors, such as the upcoming US presidential election. He stated that polls, market rumors, and expert predictions all indicated a highly unpredictable outcome, which was significantly affecting digital currencies.
Minh Hang
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