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Key Reason Why BTC, DOGE, XRP, ADA Seeing Price Increases

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Sat, 6/07/2024 - 16:28
Key Reason Why BTC, DOGE, XRP, ADA Seeing Price Increases
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Cryptocurrencies are currently trading in green with Bitcoin (BTC), Dogecoin (DOGE), XRP and Cardano (ADA) seeing notable increases in value.

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This surge aligns with the latest U.S. jobs report, which indicated an unexpected rise in the unemployment rate, with non-farm payrolls increasing by 206,000 for the month. This figure surpassed the Dow Jones forecast of 200,000 but fell short of the downwardly revised gain of 218,000 in May.

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While policymakers want to see more progress on inflation before decreasing interest rates, a deteriorating labor market may enhance the need to act quickly.

Following Friday's jobs report, traders increased their bets on a September interest rate decrease, with odds of a quarter-point cut rising to approximately 75%, up from 64% a week ago, according to the CME Group’s FedWatch tool.

BTC, XRP, ADA, DOGE rebounds

Bitcoin's price fell to $53,500 per coin on Friday, reaching lows not seen since February, after the U.S. Federal Reserve issued minutes from its June meeting, signaling that the central bank may not be ready to decrease interest rates.

Fed Chairman Jerome Powell recently stated that progress had been made in lowering inflation. Still, the central bank wanted to be more sure it was returning to its 2% target before relaxing monetary policy. New inflation data is due next week.

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At the time of writing, Bitcoin was up 1.96% in the last 24 hours to $56,697, according to data from crypto ranking site CoinMarketCap. BTC surged to an all-time high of about $74,000 in March this year, following the approval of the first U.S. spot Bitcoin ETF, however, it has since been trading within a tight range.

Dogecoin rallied substantially from its lows of $0.0915 on Friday and continues to do so in Saturday's trading session. At the time of writing, Dogecoin had risen 9.60% in the last 24 hours to $0.1094.

XRP was up 5% in the last 24 hours to $0.435, while Cardano's ADA coin was up 2.29% to $0.356.

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