#BTC

Bitcoin Hits $62K as Cryptos Bounce; Correction Likely Over But Expect a 'Slow Grind Higher,' Arthur Hayes Says

Bitcoin will likely trade in a range between $60,000 and $70,000 through the next few months, the former BitMEX CEO said.

Bitcoin jumped nearly 5% following soft U.S. jobs data.

The dovish Fed meeting results mean the U.S. dollar's surge likely topped, helping cryptocurrencies, Coinbase analysts said

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Bitcoin Hits $62K as Cryptos Bounce; Correction Likely Over But Expect a 'Slow Grind Higher,' Arthur Hayes Says

Bitcoin will likely trade in a range between $60,000 and $70,000 through the next few months, the former BitMEX CEO said.

By Krisztian Sandor

May 3, 2024 at 10:55 p.m.

Updated May 3, 2024 at 10:57 p.m.

Bitcoin price on May 3 (CoinDesk)



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Bitcoin jumped nearly 5% following soft U.S. jobs data.

The dovish Fed meeting results mean the U.S. dollar's surge likely topped, helping cryptocurrencies, Coinbase analysts said.

Hong Kong Lists Spot-Crypto ETFs

Cryptocurrencies bounced on Friday led by bitcoin's (BTC) gain, sparking hopes that the worst of the drawdown might be over.

BTC surged almost 5% to briefly above $62,000 during U.S. morning hours following a cooler-than-expected U.S. April jobs report that eased concerns about higher interest rates. At press time bitcoin was changing hands at $61,600, up 4.4% and outperforming the broad-market CoinDesk 20 Index's (CD20) 3% advance over the past 24 hours

Ether (ETH) reclaimed the $3,000 level and was up 3% during the same period, while altcoin majors dogecoin (DOGE), shiba inu (SHIB) and Near Protocol's NEAR jumped 5%-10%.