$BTC BTC Price: BTC prices cautiously higher after bumper jobs report.
The major cryptocurrency moved cautiously higher today after Bitcoin traders were surprised by the January jobs report that beat expectations.
Among spot BTC ETFs, BlackRock's (NYSE:BLK) and ProShares' ETFs have now surpassed Grayscale's GBTC (GBTC) in trading volume, according to CoinDesk. Traders in the cryptocurrency space have thrived over the past few years due to the wild swings in cryptocurrencies. However, as cryptocurrencies become more mainstream, Bitcoin's volatility may begin to subside.
In another development, some U.S. lawmakers have moved to allow banks to act as custodians of customers’ digital assets, CoinTelegraph reported. The SEC’s Staff Accounting Bulletin 121 (SAB 121) limits banks’ ability to hold customers’ crypto assets. However, a newly introduced resolution seeks to repeal SAB 121.
Meanwhile, the Fed's recent actions and strong job growth data mean a long-awaited rate cut is still some time away. While the Fed waits for the data to speak, the cryptocurrency’s rally is likely to slow this year compared to 2023’s rally. In the short term, any rebound in Bitcoin is likely to encounter strong resistance at the $44,500 level.
