Share this article
Bitcoin Hits 7-Week High, Shrugging Off Unexpectedly Strong US Jobs Report
The bitcoin price rose as high as $21,287 in the past 24 hours, the highest since Sept. 13.
By Jocelyn Yang
Updated Nov 4, 2022, 6:35 p.m. Published Nov 4, 2022, 4:47 p.m.
Make us preferred on Google
Bitcoin hit a seven-week high after a better-than-expected U.S. jobs report in October showed that the labor market remains surprisingly robust even as the Federal Reserve pushes to cool down the economy.
The bitcoin (BTC) price reached $21,287 at 14:41 UTC on Friday, hitting the highest point since Sept. 13. As of press time, the largest cryptocurrency by market capitalization had settled back to $20,790, up 2.5% in the past 24 hours.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The CoinDesk Market Index was up 3.7%. Ether (ETH) followed a similar trajectory, rising 5.6% to $1,620 as of press time.
Traditional markets also put up a strong performance Friday, with the Standard & Poor's 500 Index up 0.2%.
Earlier this week, the U.S. Federal Reserve hinted at the possibility of smaller interest rates in December and at future monetary-policy meetings to curb hot inflation. But Fed Chair Jerome Powell quickly warned at a press conference that officials were not even beginning to discuss a full pause to the rate hikes, as some economists and investors had begun to speculate.
“A downshift to a slower pace of tightening still seems in the cards for the Fed and that should provide some short-term support for cryptos,” Edward Moya, senior market analyst at Oanda, wrote in a Friday note.
More For You
Bitcoin could fall to $10,000 as U.S. recession risk builds, Mike McGlone says
McGlone links bitcoin’s downturn to record U.S. market cap-to-GDP levels, low equity volatility and rising gold prices, warning of potential contagion into stocks.
What to know:
- Bloomberg Intelligence strategist Mike McGlone warns that collapsing crypto prices and a potential bitcoin slide toward $10,000 could signal mounting financial stress and foreshadow a U.S. recession.
- McGlone argues the post-2008 "buy the dip" era may be ending as crypto weakens, stock market valuations sit near century highs relative to GDP, and equity volatility remains unusually low.
- Market analyst Jason Fernandes counters that a drop to $10,000 bitcoin would likely require a severe systemic shock and recession, calling such an outcome a low-probability tail risk compared with a milder reset or consolidation.
Top Stories
