Bitcoin touches $64,000 on softer US jobs data, market cap rises to $1.265 trillion

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Bitcoin falls 5% to $57,000 ahead of Fed decision, slumps 16% in April The employment report from the Labor Department indicated that the U.S. economy saw a lower-than-anticipated increase in job numbers, accompanied by a slight uptick in the unemployment rate and an unexpected slowdown in wage growth. “The crypto market has rebounded from last week’s dip on the back of the recent US jobs data that was much lower than the forecasts and signals towards a slowing economy.

With a slower economy, inflation is bound is slow down leading to lower interest rates. The top 10 cryptos by M.Cap. are trading in green.

Additionally, recent market trends indicate a balance between price shifts and liquidations, signaling market stabilization. BTC seems to be consolidating around $64k. However, the key resistance level remains around $65k," said Parth Chaturvedi, Investments Lead, CoinSwitch Ventures.

According to data provided by CoinMarketCap, the combined volume of all stablecoins currently stands at $44.5 billion, representing 90.46% of the total 24-hour trading volume in the cryptocurrency market. Over the past day, the market capitalization of Bitcoin surged to $1.265 trillion. As per CoinMarketCap, Bitcoin currently holds a dominance of 53.23%.

Meanwhile, the volume of BTC transactions in the last 24 hours experienced a decline of 7.7%, reaching $18.2 billion. Experts say that the ongoing rally has a promising outlook for investorts, however, should not hurry in investing. Also read: Bitcoin Halving: World's biggest crypto reaches supply milestone, trades over ₹58 lakh “With over 15 million transactions in just the last month, Bitcoin's momentum has received a notable boost from the halving day.