Cryptocurrency Price on May 3: Bitcoin rebounds above $59,000 ahead of U.S. jobs data; Solana, Toncoin jump up to 11%
cryptocurrency market cap surged 3.1% to approximately $2.22 trillion over the last 24 hours.
As of 12:13 pm IST, Bitcoin was trading 3.2% higher at $59,383. Meanwhile, Ethereum (2.5%), Solana (6.8%), XRP (2.7%), Dogecoin (5.3%), Toncoin (11.5%), Shiba Inu (5.2%), and Polkadot (4.8%) were also trading higher.
The U.S. jobs data, scheduled for release later in the day, will provide cues on the Fed's interest rate trajectory.
Shivam Thakral, CEO of BuyUcoin, said, «Bitcoin is back above $59,000 after a day of severe downside. The next important level to look for is $63,000 resistance, the breach of which can start a reversal.»
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View Details»Meanwhile, Rajagopal Menon, Vice President at WazirX, said, «Bitcoin saw a slight rebound on Friday but remains under key support levels amid concerns over high U.S. interest rates after the Federal Reserve meeting, transitioning it into a bear market from its March highs.»
Rising by 3.76% in 24 hours to $59,766, it's down 22% from its March peak. Hindered by the absence of positive catalysts and
