Cryptocurrency Prices Surge on October 7 Amid Positive U.S. Employment Data

Cryptonews Omar El-Sharif October 12, 2024

Cryptocurrency Prices Surge on October 7 Amid Positive U.S. Employment Data

On October 7, Bitcoin’s price rose to $63,577, buoyed by a positive U.S. jobs report that indicated a surprising addition of 254,000 jobs in September and a drop in the unemployment rate. Other cryptocurrencies also saw notable gains, and Bitcoin’s market capitalization grew to $1.254 trillion with a dominance of 56.78%. Analysts expect market movement to remain sideways amid geopolitical tensions and key economic report releases.

On October 7, Bitcoin exhibited a notable increase, surpassing $63,500 amid a positive report on U.S. employment figures. The Labor Department indicated that the U.S. labor market added 254,000 jobs in September, exceeding economist predictions, and contributing to a decrease in the unemployment rate from 4.2% in August to 4.1% in September. As of 1:04 p.m. IST, Bitcoin was up 2.6%, valued at $63,577, while Ethereum maintained a position above $2,450. Additionally, various other cryptocurrencies, including BNB, Solana, XRP, Dogecoin, Toncoin, Cardano, Shiba Inu, and Avalanche, saw increases of up to 6%. According to CoinMarketCap, the total volume of stablecoins increased to $47.62 billion, representing 88.34% of the total cryptocurrency market volume over the past 24 hours. Bitcoin’s market capitalization rose to $1.254 trillion, with its market dominance at 56.78%. Furthermore, Bitcoin trading volume surged by 64.2% to $20.2 billion within the last 24 hours. The CoinDCX Research Team noted, “Last week, Bitcoin saw a sharp decline due to rising Israel-Iran tensions and weak macroeconomic data. The market is expected to move sideways this week as these events are digested. Key BTC support levels are $59,400 and $57,700, with resistance at $64,500.” The report also highlighted that upcoming Federal Open Market Committee (FOMC) events and U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) reports will be instrumental in determining market direction for the week.

The cryptocurrency market is notoriously volatile, with price fluctuations occurring rapidly in response to economic indicators and global events. On October 7, Bitcoin’s price performance was notably influenced by the U.S. labor market’s job addition figures and the unemployment rate’s decline. These economic reports played a crucial role in bolstering investor confidence and driving market trends. Understanding the dynamics of cryptocurrency pricing often requires an examination of broader economic conditions and specific geopolitical events, as they significantly impact trading behavior and market sentiment.

In summary, Bitcoin’s rise above $63,500 on October 7 reflects positive U.S. employment data, while other cryptocurrencies also experienced significant gains. The cryptocurrency market remains sensitive to economic factors, and forthcoming reports will likely shape market trends in the near future. Investors are advised to monitor key support and resistance levels as well as upcoming economic indicators to navigate this ever-evolving landscape.

Original Source: m.economictimes.com