Bitcoin, Ethereum, Dogecoin Soar As Weaker Jobs Data Signals Potential Rate Hike Pause By Fed: Analyst Says Apex Crypto Maybe Poised For 'Abnormal' Bull Run

Grand News Network | November 7, 2023

Major cryptocurrencies experienced a surge on Monday evening, driven by the anticipation that the Federal Reserve may halt its rate hikes. Weaker U.S. jobs data provided further support for this belief, as reported by Bitfinex.


Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EST)
Bitcoin (CRYPTO: BTC) +0.08% $34,961
Ethereum (CRYPTO: ETH) +0.29% $1,894
Dogecoin (CRYPTO: DOGE) +4.79% $0.075

What Happened: The release of the jobs data on Friday further solidified expectations that the Fed is taking a more dovish stance. According to the U.S. Labor Department’s employment report, October saw the creation of only around 150,000 new job positions, compared to the significant rise of approximately 297,000 in September.

Monday’s Bitfinex Alpha report suggests that the weaker jobs data has further strengthened the belief that the Fed may halt its rate hikes. “We think that the central bank may be done raising rates primarily due to tightening financial conditions, with bond yields rising over the recent months,” the report stated.

Bitcoin’s market cap dominance, which represents the largest crypto asset’s share of the total cryptocurrency market capitalization decreased to 52.5% on Monday. This marks a slight decline from its previous level of 54.3% in late October – the highest it had reached in 30 months, according to TradingView data.

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Top Gainer (24 Hour)


Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EDT)
Injective +14.92% $17.78
KuCoin +13.34% $5.55
Trust wallet token +11.05% $1.46

The ...

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