Following strong jobs numbers, the price of Bitcoin ticked up Friday alongside stocks—with a potential return to $100K in sight.
James Rubin
📝 What you need to know
Bitcoin rose with other risk-on assets Friday in the hours after the U.S. Labor Department released surprisingly strong April job numbers, jumping nearly 1% before relinquishing some ground later in the morning.
The largest cryptocurrency by market capitalization nearly touched $98,000 earlier Friday, and was recently trading at about $97,500, according to crypto markets data provider CoinGecko. Bitcoin, which has risen more than 14% over the past two weeks amid investor hopes that U.S. President Donald Trump would scale back his trade war, hit a four-year high for market dominance at nearly 65% on Friday, per TradingView.
Bitcoin’s dominance—its capitalization as a percentage of the entire crypto market’s value—has jumped from just under 58% at the start of the year. It had dropped to 55% in early December, as euphoria following Trump’s election win pushed altcoins to new highs.
Analysts had expected payrolls to increase by 135,000 jobs, but the new numbers suggest that the economy has not yet slowed as much as was widely expected in the aftermath of Trump’s trade tariffs. Those penalties on goods from the U.S.’s biggest trade partners may lead to higher prices and slowing growth, economists say.
Major equity indexes were up, with the tech-heavy Nasdaq rising 1.7%.
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💬 Quote of the Day
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“…MSTR yesterday issued a reminder of the extent of its first-mover advantage and how its ability to accelerate its accumulation of Bitcoin has continued to increase as its platform has scaled.”
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