Bitcoin price reclaimed the $65,000 mark on Monday, continuing its latest bullish trend that helped the world's largest cryptocurrency emerge from bear market territory over the weekend.
It was trading at $65,393 at the time of writing, up 2.7% in the last 24 hours.
Amid this resurgence, cryptocurrency-related stocks also rose into the green territory in premarket trading on Monday, with MicroStrategy (MSTR) and Marathon Digital (NASDAQ 🙂 leading gains with +8.7% and +7.7%, respectively.
Meanwhile, clean spark (NASDAQ 🙂 rose 5.6%, Riot Platforms (NASDAQ 🙂 rose 4.5% and Coinbase (NASDAQ 🙂 added 3.6%.
Bitcoin's resurgence was mainly driven by weaker-than-expected non-farm payrolls data, which weighed on the US dollar while increasing the attractiveness of risk assets, including cryptocurrencies.
Markets are now pricing in a higher likelihood of a 25 basis point rate cut by the Federal Reserve in September, which would be a more favorable scenario for cryptocurrencies as they typically thrive in a low-interest, high-liquidity environment. .
While the cooling labor market provides impetus for the Federal Reserve to consider interest rate cuts, the recent payrolls data follows five straight months of unexpectedly strong readings, and inflation remains above the 2% annual target. of the central bank, which maintains some pressure on the Federal Reserve.
