Bitcoin Surges Past $65,000 on Weak Jobs Data, Then Consolidates
Bitcoin’s price surged to $65,400 on Friday following a weaker-than-expected US jobs report, but has since lost some momentum, trading sideways around the $65,000 mark.
Most larger-cap altcoins are showing modest gains, with the exception of HYPE and CRO. The latter experienced a significant downturn after Trump Media, the company behind Truth Social, terminated its partnership with the firm.
Last weekend proved to be a turbulent period for both the primary cryptocurrency and the broader macroeconomic landscape. Bitcoin initially dipped to $62,400 on Friday, attempted a recovery to $63,000 on Saturday, but fell back to $62,200 later that evening. A rebound to $63,800 occurred on Sunday, fueled by news that US President Donald Trump had called off scheduled attacks against Iran, sparking optimism for a potential de-escalation.
However, Bitcoin experienced another dip to $62,200 on Monday morning before mounting an offensive, spiking to $64,000 within hours. The cryptocurrency continued its gradual ascent in the subsequent days, reaching $65,000 on Wednesday as markets anticipated an announcement regarding a deal between the US and Iran.
These hopes proved unfounded once again. Bitcoin slipped back toward $64,000 on Friday morning after a delay in voting on the CLARITY Act. Nevertheless, the release of the weak US jobs report triggered an immediate surge to $65,400, as the likelihood of a September interest rate hike diminished. Despite this, Bitcoin’s upward trajectory was halted, and it is currently trading around $65,000.
Crypto.
com Token Plummets After Trump Media Partnership Cancellation
The most significant industry news in the past 24 hours involves Trump Media’s decision to cancel its partnership with Crypto.com. The impact was immediate for Crypto.com’s native token, which plummeted by over 12% to a multi-year low, falling well below $0.05.
Altcoin Performance Mixed
HYPE is down by over 3% on a daily basis, while ADA has fallen below $0.20 following a recent rally. In contrast, Monero (XMR) has gained 3%, and Dogecoin (DOGE), Solana (SOL), Ethereum (ETH), and Binance Coin (BNB) have registered negligible gains. BEAT, however, has skyrocketed by over 18% daily as its volatile trading continues.
Pi Network Shows Strength
Pi Network’s native token has once again climbed by 5%, now trading above the key resistance level of $0.09. Community sentiment surrounding the token remains bullish.
Market Cap Stable
The total cryptocurrency market capitalization remains around $2.3 trillion, with minimal movement observed over the past 24 hours.
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