U.Today – Cryptocurrencies are currently trading in the green, with (BTC), (DOGE) and (ADA) seeing notable increases in value.
The increase coincides with the latest US jobs report, which indicated an unexpected rise in the unemployment rate, with a gain of 206,000 non-farm jobs during the month. This figure exceeded the Dow Jones forecast of 200,000, but fell short of the downwardly revised increase of 218,000 in May.
While policymakers want to see further progress on inflation before cutting interest rates, a deteriorating labor market may increase the need to act quickly.
Following Friday's jobs report, traders increased their bets on a September interest rate cut, with the odds of a quarter-point cut rising to about 75%, up from 64% a week ago, according to CME Group's FedWatch tool.
BTC, XRP, ADA and DOGE recover
Bitcoin price fell to $53,500 per coin on Friday, hitting lows not seen since February, after the US Federal Reserve released the minutes of its June meeting, signaling that the central bank may not be ready to cut interest rates.
Federal Reserve Chairman Jerome Powell recently said progress had been made in reducing inflation. Still, the central bank wanted more assurance that it was returning to its 2% target before easing monetary policy. New inflation data is due out next week.
At the time of writing, Bitcoin was up 1.96% over the past 24 hours to $56,697, according to data from cryptocurrency ranking site CoinMarketCap. BTC surged to an all-time high of around $74,000 in March this year following the approval of the first US spot Bitcoin ETF, however, it has since traded within a tight range.
Dogecoin recovered substantially from its lows of $0.0915 on Friday and continues to do so in Saturday’s trading session. At the time of writing, Dogecoin was up 9.60% over the past 24 hours to $0.1094.
XRP is up 5% over the past 24 hours to $0.435, while Cardano’s ADA coin is up 2.29% to $0.356.
This article was originally published on U.Today
