Cryptocurrency Price on May 10: Bitcoin rises over 2% to $62.9k on renewed global rate cut optimism
US labor market fueled optimism about potential interest rate cuts this year, ahead of next week's crucial inflation data.
Meanwhile, the global cryptocurrency market cap surged by 1.7% to around $2.33 trillion in the last 24 hours.
Data on Thursday showed US initial claims for state unemployment benefits increased more than expected by 22,000 to a seasonally adjusted 231,000 for the week ended May 4, the Labor Department said.
The figures follow last week's report showing US job growth slowed more than expected in April and the increase in annual wages fell below 4% for the first time in nearly three years.
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View Details»As of 12:14 am, Bitcoin was up 2.2% at $62,922, while Ethereum was above the $3,000 level.
«In the last 24 hours, the crypto market is up on the back of US jobless claims data published yesterday. Leading cryptos by m-cap experienced a surge in prices as the data fuelled hopes of rate cuts among risk-on investors,» said Parth Chaturvedi, Investments Lead, CoinSwitch Ventures.
Meanwhile, CoinDCX Research Team, said, «Positive ETF
