According to U.Today, cryptocurrencies including Bitcoin (BTC), Dogecoin (DOGE), XRP, and Cardano (ADA) are experiencing a surge in value. This increase coincides with the recent U.S. jobs report, which showed an unexpected rise in the unemployment rate. Non-farm payrolls increased by 206,000 for the month, surpassing the Dow Jones forecast of 200,000 but falling short of the downwardly revised gain of 218,000 in May.
Policymakers are keen to see more progress on inflation before decreasing interest rates. However, a deteriorating labor market might necessitate swift action. Following the jobs report, traders increased their bets on a September interest rate decrease. The odds of a quarter-point cut rose to approximately 75%, up from 64% a week ago, according to the CME Group’s FedWatch tool.
Bitcoin's price dropped to $53,500 per coin on Friday, a low not seen since February, after the U.S. Federal Reserve released minutes from its June meeting. These minutes suggested that the central bank might not be ready to decrease interest rates. Fed Chairman Jerome Powell has stated that while progress has been made in lowering inflation, the central bank wants to ensure it is returning to its 2% target before easing monetary policy. New inflation data is expected next week.
At the time of writing, Bitcoin had risen 1.96% in the last 24 hours to $56,697. Bitcoin reached an all-time high of about $74,000 in March this year, following the approval of the first U.S. spot Bitcoin ETF. However, it has since been trading within a narrow range. Dogecoin rallied significantly from its Friday lows of $0.0915 and continues to rise in Saturday's trading session. At the time of writing, Dogecoin had increased 9.60% in the last 24 hours to $0.1094. XRP was up 5% in the last 24 hours to $0.435, while Cardano's ADA coin had risen 2.29% to $0.356.