Cryptocurrency prices on June 5: Bitcoin rises 3% to above $71,000 on Fed rate cut expectation
Federal Reserve interest rate cut in September due to a softening U.S. labour market.
Data overnight showed U.S. job openings fell more than expected in April to the lowest level in more than three years, a sign that labour market conditions are softening.
The data emboldened bets of rate cuts this year, with markets pricing in 45 basis points of easing. Traders are also pricing in a 65% chance of a rate cut in September, compared with a 46% chance a week earlier, CME FedWatch tool showed.
At 12:14 PM, Bitcoin (BTC) was trading 3.1% higher at $71,098, while Ethereum surged 1.14% to $3,807. Meanwhile, the global cryptocurrency market cap rose by 3% to around $2.63 trillion in the last 24 hours.
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View Details»«The crypto market saw an upside move as U.S. job openings data favoured the market. BTC now needs to clear its ATH level at around $73,500 to break the range and form a new ATH,» said CoinDCX Research Team.
Other popular altcoins including BNB, Solana, XRP, Dogecoin, Toncoin, Shiba Inu, Avalanche, Chainlink, and Polkadot, surged between
