Bitcoin, Ether, XRP Rise. Cryptos Are Shrugging Off Strong Jobs Data. — Barrons.com
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By Alex Kozul-Wright
The price of Bitcoin is showing tentative signs of a rebound amid steep recent falls. Still, the world's premier cryptocurrency has struggled to reclaim momentum above the $70,000 mark this week.
The price of Bitcoin was trading at $67,937 early in the day, up around 1.3% over the past 24 hours, according to CoinDesk data. Elsewhere, Ethereum and XRP are also up 1.9% and 1.6%, respectively.
Over the past month, all three cryptocurrencies have been hammered — Bitcoin is down 25%, while Ethereum has tumbled 35% and XRP has dropped by 33% over the period.
Thursday's stabilization in digital asset prices is a something of a surprise in the context of Wednesday's bumper jobs report. The U.S. labor market added 130,000 new jobs in January, more than double what economists expected. Elsewhere, unemployment fell to 4.3%.
"With the jobs report coming in strongly, markets moved to price out the chance of rapid Fed rate cuts this year. For instance, the chance of a rate cut in one of Chair Powell's final two meetings (March and April) plunged from 47% to 23%," says Jim Reid, a strategist at Deutsche Bank.
Cryptocurrency prices and the fed-funds rate usually move in opposite directions. Wednesday's jobs report, in turn, would ordinarily have been expected to weigh on digital asset sentiment.
Attention will now turn to Friday's consumer price index report. Any indication that inflation is cooling slower than expected could provide a further boost for Bitcoin.
Write to Alex Kozul-Wright at alexander.kozul-wright@barrons.com
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source: https://www.tradingview.com/news/DJN_DN20260212005606:0/