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BTC$80,296-6.44%ETH$2,138.13-8.40%USDT$1.00-0.02%XRP$2.04-7.89%BNB$575.34-6.38%SOL$128.35-8.05%USDC$1.00-0.00%DOGE$0.19-9.03%ADA$0.60-9.72%STETH$2,131.94-8.81%TRX$0.22-3.68%WBTC$80,080-6.39%LTC$119.42-5.01%WSTETH$2,540.57-8.95%LINK$13.86-9.45%LEO$9.352.95%AVAX$20.62-8.46%XLM$0.26-9.20%TON$3.19-8.00%SUI$2.57-12.44%SHIB$0.00001329-8.21%HBAR$0.19-6.66%USDS$1.00-0.10%OM$7.24-1.84%DOT$4.57-5.96%HYPE$18.86-8.70%WETH$2,138.32-8.46%USDE$1.000.01%BCH$274.80-7.42%BGB$3.85-7.16%UNI$7.31-9.50%WEETH$2,261.65-8.79%XMR$213.60-0.95%WBT$25.98-1.59%APT$5.74-6.27%NEAR$2.83-7.17%DAI$1.00-0.06%PEPE$0.00000749-11.27%ICP$6.18-5.37%SUSDS$1.040.31%ONDO$0.90-9.38%AAVE$185.61-9.60%ETC$18.08-4.80%OKB$43.47-3.77%TAO$304.12-16.61%GT$19.84-7.50%TKX$29.86-1.58%MNT$0.71-6.00%CBBTC$80,092-6.56%TRUMP$11.39-14.66%POL$0.26-6.15%FDUSD$1.000.15%VET$0.03-9.16%S$0.63-12.90%KAS$0.08-12.22%FIL$3.05-4.64%CRO$0.07-6.66%ATOM$4.29-7.34%ALGO$0.22-7.98%TIA$3.46-9.15%RENDER$3.51-8.53%JUP$0.68-8.69%ARB$0.39-8.42%OP$1.06-9.69%FTN$3.990.90%LBTC$80,199-6.21%FET$0.61-8.88%KCS$11.45-4.40%IP$5.49-15.92%QNT$90.41-10.90%MKR$1,539.49-9.56%WETH$2,120.39-9.36%ENA$0.39-9.12%RSETH$2,209.56-8.81%INJ$12.45-6.85%XDC$0.08-4.55%STX$0.78-7.05%SOLVBTC$79,684-6.83%IMX$0.65-8.06%WLD$1.05-7.43%SEI$0.24-12.52%THETA$1.09-9.12%LDO$1.21-11.01%USD0$1.00-0.01%GRT$0.11-8.05%NEXO$1.09-10.04%RETH$2,409.28-8.70%MOVE$0.42-10.16%DEXE$17.64-9.27%METH$2,254.1-8.63%BONK$0.00001238-9.73%BNSOL$133.16-7.82%FLR$0.02-7.49%BERA$7.792.89%JASMY$0.02-8.63%SOLVBTC.BBN$79,286-5.92%EOS$0.52-7.59%GALA$0.02-8.92%XTZ$0.71-7.86%FLOKI$0.00007640-9.86%

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Bitcoin and Ethereum Rally on Positive U.S. Jobs Report

September’s jobs report offers a bullish signal for crypto investors, driving market gains.
By: Mehab Qureshi • October 04, 2024
markets rally

The cryptocurrency market finally caught a break after a week-long decline, rallying as the U.S. September jobs report came in stronger than analysts' expectations.

Bitcoin (BTC) rose 3.5% to $62,350, while Ethereum (ETH) climbed 5.5% to $2,440. (SOL) jumped 7%, and Polkadot (DOT) gained 5%.

ETH Price chart
ETH Price

The U.S. economy added 254,000 jobs in September, significantly higher than the expected 150,000, according to the Labor Department's report on Friday.

This positive report is likely to lock the Federal Reserve into a more gradual pace of interest rate reductions, providing a bullish backdrop for crypto markets.

This uptick in the market has led to a drop in liquidations. According to data from CoinGlass, daily liquidations decreased to $128 million on Oct. 4 from $300 million the previous day.

Among the top 100 digital assets, FTX token (FTX) emerged as the biggest winner, soaring 17% in the last 24 hours. Other notable gainers include Beam (BEAM) and Aave (AAVE), each rising 10%. Sui (SUI), Wormhole (W), and Ethena (ENA) were the day’s worst performers, each dropping between 4% and 8%.

“Despite Middle Eastern tensions impacting Bitcoin during its historically strong month, we see this dip as temporary and expect the “Uptober” rally to prevail,” wrote QCP, a digital asset trading firm.

ETFs Continue to Bleed

Spot Bitcoin exchange-traded funds (ETFs) recorded net outflows totaling $54 million on Thursday, according to data from Farside Investors. The bulk of these outflows came from Ark Invest and 21Shares’ Ark Bitcoin ETF (ARKB), which recorded $58 million in withdrawals.

Ethereum ETFs didn't fare much better. U.S. spot Ethereum ETFs reported $3.2 million in net outflows on Thursday. Grayscale Ethereum Trust (ETHE) recorded $14.7 million in outflows. However, BlackRock’s iShares Ethereum Trust (ETHA) attracted $12.08 million in net inflows, partially offsetting overall losses.

Glassnode: Investors in a Better Position

On-chain metrics from Glassnode suggest that Bitcoin investors are in a relatively "better and more profitable position" than they were a few weeks ago.

Glassnode noted in an Oct. 2 report that an increasing number of Bitcoin holders are moving their coins into long-term storage, a bullish signal indicating confidence in Bitcoin's future growth.

The analysis also noted that Bitcoin's recent recovery to $66,000 set a new higher high since its all-time peak in March. Moreover, the long and short-term holder supply ratio reached its highest level since June 2021, signaling that HODLing is still the dominant behavior among Bitcoin investors.

U.S. stock markets also rallied. The Dow Jones Industrial Average rose by 0.5%, while the S&P 500 and Nasdaq increased by 0.6% and 0.9%, respectively.

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