Bitcoin rises nearly 3 percent as softer jobs data reduces Fed rate hike fears before Wednesday’s CPI release.
Bitcoin climbed above $65,000, gaining nearly 3 percent for the week, as a weaker-than-expected US jobs report eased concerns over further Federal Reserve interest rate hikes. The move comes ahead of Wednesday’s consumer price index data, which traders view as a critical test for market direction.
Most major cryptocurrencies followed bitcoin’s lead, with ether and BNB each up nearly 3 percent, while Solana outperformed with a 5 percent weekly gain. XRP was the sole laggard, declining slightly. Global equities and chip stocks extended recent rallies, while oil prices rose on Middle East tensions.
The upcoming inflation report could sway expectations for Fed policy, with a higher-than-expected reading likely to pressure risk assets, including bitcoin. Ether traded near $1,919, while BNB held at $603 and Solana approached $77.