Bitcoin (BTC) experienced a gain of up to 5% on May 3rd following the release of United States employment data, which provided a boost to risk assets. The BTC/USD pair on Bitstamp surpassed $62,000 as a result of this impulsive price movement. The April nonfarm payrolls data came in below expectations, indicating weakness in the labor market and potentially leading to interest rate cuts by the Federal Reserve. This news was received positively by the stock market, with Dow Jones futures surging 500 points. However, concerns were raised about how the Fed would handle inflation issues in the future. The latest estimates suggest that the odds of a rate cut at the June meeting of the Federal Open Market Committee (FOMC) are just below 15%, while the odds for a minimal 0.25% cut at the July meeting are 33%. Commentators hope that the recent BTC price increase will be sustained, with popular trader and analyst Rekt Capital stating that the cryptocurrency is almost out of a “danger zone.” Whale behavior has also been revealed, with on-chain analytics firm CryptoQuant reporting that Bitcoin whales accumulated 47,000 BTC in the past 24 hours. It should be noted that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.
US jobs data boosts rate cut bets, triggering a 5% surge in Bitcoin price to $62K