Bitcoin jumps above $64,000 on Fed rate cut hopes; Toncoin, Polkadot climb up to 7%
US jobs data renewed bets that the Federal Reserve would likely ease rates this year.
Bitcoin, the largest cryptocurrency by market value, rose 1.5% to $64,340, while the second-largest digital token, Ethereum, gained 3% to $3,184.
In addition, several other popular altcoins also experienced gains, with BNB rising by 1.9%, Solana by 2.8%, XRP by 1.3%, Dogecoin by 2.2%, Toncoin by 6.8%, Shiba Inu by 1.4%, and Polkadot by 4.5%.
The Labor Department's employment report showed the U.S. economy added fewer jobs than expected, while the unemployment rate ticked higher and wage growth unexpectedly cooled.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details»Edul Patel, CEO of Mudrex, said, «Bitcoin bounced back to $64,000 after hitting the lowest at $56,000 level the last week. Bitcoin saw a rise after the US April jobs report arrived cooler than expected.»
«The immediate resistance lies at the $64,500 level, while the support lies at the $62,400 level. It is likely that we might see Bitcoin trading sideways between $62,000 and $66,000 this week,» Edul said.
Similarly, Parth Chaturvedi, Investments Lead at
