BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home BREAKING NEWS

Bitcoin is Pumping Today and Here is Why

by Matoy
May 3, 2024
in BREAKING NEWS, CRYPTO
Reading Time: 3 mins read
A A
2
SHARES
34
VIEWS
Share on XShare in TelegramShare on Reddit
  • Bitcoin’s price rose to over $62,000 in response to weaker-than-expected U.S. employment data, hinting at possible Fed rate cuts.
  • The labor market’s softening contrasts with rising inflation, sparking debates about the feasibility of a ‘soft landing.’
  • Recent whale activity suggests strong buying around the $60,000 level, signaling robust support.

Bitcoin witnessed a significant uptick, gaining up to 5% on May 3, as it soared past $62,000 on Bitstamp following the release of U.S. nonfarm payrolls data, which came in below expectations. This weaker labor market data is seen as a precursor to potential interest rate cuts, as indicated by Federal Reserve Chair Jerome Powell.

JUST IN: #Bitcoin reclaims $62,000 pic.twitter.com/LazkfUnpJU

— BlockNews.com (@blocknewsdotcom) May 3, 2024

Implications of Employment Data

The underwhelming job figures contradict other recent macroeconomic data, which had previously dampened investor optimism. This development immediately lifted risk assets, with Dow Jones futures leaping by 500 points. The unexpected data has fueled speculation on the Federal Reserve’s next moves concerning interest rates amidst a weakening labor market and escalating inflation.

Market Reactions and Speculations

As the financial community reacts to these developments, the Kobeissi Letter expressed skepticism about the possibility of achieving a ‘soft landing,’ citing ongoing challenges like reduced GDP growth and persistent inflation. Meanwhile, the odds of a rate cut at the Federal Open Market Committee’s June meeting are currently under 15%, with a slight increase to 33% for a minimal 0.25% cut in July, according to the CME Group’s FedWatch Tool.

Bitcoin’s Price Dynamics and Whale Activity

On the crypto front, Bitcoin’s recovery to over $62,000 has been met with cautious optimism. Analysts like Rekt Capital suggest that if Bitcoin can sustain this level, it would confirm the recent low as a strong support zone, potentially marking the end of the recent downturn as merely a temporary setback. Further bolstering this sentiment is significant whale activity, with CryptoQuant reporting that whales accumulated approximately 47,000 BTC in the past 24 hours, particularly below the $60,000 threshold, indicating strong buying interest at these levels.

Looking Ahead

The interplay between macroeconomic instability and cryptocurrency market dynamics continues to underscore the complex relationship between global economic trends and digital asset valuations. With Bitcoin showing resilience at key support levels, market participants are closely monitoring whether this momentum can be sustained in the face of ongoing economic uncertainties.

Tags: Bitcoin
Tweet1ShareShare
Previous Post

$68 Million in Wrapped Bitcoin Lost in Address-Poisoning Scam

Next Post

$2.4 Billion in Bitcoin and Ether Options Set to Expire, Potentially Spiking Volatility

DON'T MISS THESE! HOT OFF THE PRESS

Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme
CRYPTO

Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme

July 1, 2025
FARTCOIN Surges 148%—Is the Meme Just the Beginning?
CRYPTO

FARTCOIN Surges 148%—Is the Meme Just the Beginning?

July 1, 2025
PEPE Pops 17%—But Is This Meme Rocket Just Getting Started?
CRYPTO

PEPE Pops 17%—But Is This Meme Rocket Just Getting Started?

July 1, 2025
Stellar’s Back on the Radar as Price Eyes Breakout Toward $0.485
CRYPTO

Stellar’s Back on the Radar as Price Eyes Breakout Toward $0.485

July 1, 2025
Chainlink Pops 12% as Mastercard Deal Sparks Fresh Bull Run
CHAINLINK

Chainlink Pops 12% as Mastercard Deal Sparks Fresh Bull Run

July 1, 2025
Token Unlock Tsunami? Solana, Dogecoin, SUI and More Brace for Impact
CRYPTO

Token Unlock Tsunami? Solana, Dogecoin, SUI and More Brace for Impact

July 1, 2025
Load More

Related News

Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme

Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme

July 1, 2025
FARTCOIN Surges 148%—Is the Meme Just the Beginning?

FARTCOIN Surges 148%—Is the Meme Just the Beginning?

July 1, 2025
PEPE Pops 17%—But Is This Meme Rocket Just Getting Started?

PEPE Pops 17%—But Is This Meme Rocket Just Getting Started?

July 1, 2025
Stellar’s Back on the Radar as Price Eyes Breakout Toward $0.485

Stellar’s Back on the Radar as Price Eyes Breakout Toward $0.485

July 1, 2025
Chainlink Pops 12% as Mastercard Deal Sparks Fresh Bull Run

Chainlink Pops 12% as Mastercard Deal Sparks Fresh Bull Run

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.