According to Cointelegraph, the strong September U.S. jobs report has increased optimism for a Bitcoin rally during "Uptober" and the fourth quarter, despite signaling fewer Federal Reserve rate cuts. Grayscale's head of research, Zach Pandl, said that solid economic growth and discussions about rate cuts and government deficits should support a risk-positive environment, benefiting Bitcoin.
According to the Bureau of Labor Statistics, the U.S. economy added 254,000 jobs in September, well above expectations of 140,000. Following the report, Bitcoin reached an intraday high of over $62,300 on October 4. With the Federal Reserve expected to limit future rate cuts to a quarter per cent, Bitcoin could still benefit from a declining supply held on centralized exchanges, now at its lowest level since November 2018. Grayscale, the largest crypto asset manager, remains optimistic about Bitcoin's prospects.
