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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.
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.
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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.
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