Bitcoin
Bitcoin (BTC) Price Hits $62K As DOGE, SHIB, NEAR Lead Crypto’s Recovery After Soft Jobs Data
Cryptocurrencies jumped on Friday led by bitcoin (BTC) gain, raising hopes that the worst of the reduction may be over.
BTC rose nearly 5% to briefly above $62,000 during US morning hours after a colder-than-expected spell April US jobs report which eased concerns about higher interest rates. At press time, bitcoin was trading at $61,600, up 4.4% and outperforming the broad market CoinDesk 20 Indices (CD20) Advance of 3% in the last 24 hours.
Ether (ETH) recovered the $3,000 level and rose 3% during the same period, while top altcoins dogecoin (DOGE)shiba inu (SHIB) and upcoming protocol CLOSE jumped 5%-10%.
The rebound came as the U.S. economy added 175,000 jobs in April, fewer than analysts’ consensus of 245,000 and the previous month’s 315,000, according to the government’s Nonfarm Payrolls report. It also showed that the unemployment rate slowly rose to 3.9% from 3.8% in March.
Following the report, market participants saw a 68% probability of at least one rate cut by September, up from 57% a week ago. CME FedWatch data indicated.
Bitcoin’s correction since mid-March has coincided with Federal Reserve policymakers’ growing concerns about taking a more aggressive stance in the face of sticky inflation in recent months, with some traders even dismissing the chances of any rate cuts this year. This helped the US dollar index reach its highest level since November, often a bearish sign for risky assets like cryptocurrencies.
In addition to the soft jobs data, Coinbase analysts David Han and David Duong took note of this week’s FOMC meeting, in which policymakers indicated no interest in cutting rates but slowed the pace of the drain on the central bank’s balance sheet – many Sometimes referred to as quantitative. tightening campaign (QT) – as a sign of moderation.
“We believe the FOMC’s more dovish-than-expected statement signaled the peak in the dollar’s upward momentum against both currency markets. [foreign currencies] and crypto pairs,” Han and Duong wrote.
Arthur Hayes, former CEO of cryptocurrency exchange BitMEX, said in his last rehearsal On Friday, bitcoin likely hit this week’s low of $56,000, but warned investors to expect a gradual climb rather than a quick recovery to March highs as markets cool in the coming months. “Bitcoin has reached a local low […] early this week,” Hayes asked. “Yes,” he concluded. “I expect prices to drop, drop and start a slow climb.”
Talking about what’s next, he predicted “a rally to above $60,000 and then limited price action between $60,000 and $70,000 by August.”
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.
How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.
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Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.
The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.
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