U.Today — Cryptocurrencies are currently trading in the green, with (BTC), (DOGE), and (ADA) seeing significant increases in value.
The enhance follows the latest U.S. jobs report, which showed an unexpected rise in the unemployment rate, with nonfarm payrolls rising by 206,000 in the month. That figure beat Dow Jones’s forecast of 200,000 but fell low of May’s revised-down gain of 218,000.
While policymakers would like to see more progress in curbing inflation before cutting interest rates, the worsening labor market situation may enhance the need for quick action.
Investors boosted their bets on a September rate cut after Friday’s jobs report. The probability of a quarter-percentage-point cut rose to about 75%, from 64% a week earlier, according to CME Group’s FedWatch tool.
BTC, XRP, ADA, DOGE collections
Bitcoin fell to $53,500 per coin on Friday, its lowest since February. That came after the U.S. Federal Reserve released minutes of its June meeting, signaling the central bank may not be ready to cut interest rates.
Fed Chairman Jerome Powell recently said progress was being made in lowering inflation. Still, the central bank wanted to be more certain it was returning to its 2% target before easing monetary policy. New inflation data is due next week.
At the time of writing, Bitcoin is up 1.96% in the past 24 hours to $56,697, according to data from cryptocurrency ranking site CoinMarketCap. BTC rose to a record high of around $74,000 in March this year following the approval of the first U.S. spot Bitcoin ETF, but has been trading in a tight range since then.
Dogecoin has rallied significantly from its lows of $0.0915 on Friday and continues to rise in Saturday’s trading session. At the time of writing, Dogecoin is up 9.60% in the last 24 hours to $0.1094.
The price of XRP is up 5% in the past 24 hours to $0.435, while the price of Cardano’s ADA coin is up 2.29% to $0.356.
