Cryptocurrencies spike, Bitcoin tops $40K after January jobs data
- Date: 06-Feb-2022
- Source: Yahoo News
- Sector:Financial Markets
- Country:Middle East
Cryptocurrencies spike, Bitcoin tops $40K after January jobs data
January's blockbuster jobs data was just the tonic a battered cryptocurrency market needed, with the data sparking a furious 10% intraday rally in Bitcoin (BTC-USD) that took the digital token above $40,000 for the first time since late last month.
The rally was even more brisk in smart contract coins like Ethereum (ETH-USD) and Solana (SOL-USD), which jumped by over 12% on the day. Ether now trades close to $3,000, posting a recovery of nearly 20% from last week's levels after a rout that pummeled risk-sensitive assets.
Crypto has been trading almost lockstep with Wall Street, which also posted gains after the jobs data defied economists gloomy expectations. The sentiment swing also pushed crypto stocks higher with MicroStrategy (MSTR) soaring by 14%, Bakkt (BKKT) and Coinbase (COIN) both rallying by over 7%.
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