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Headline : Bitcoin Hits $62K as Cryptos Bounce; Correction Likely Over But Expect a Slow Grind Higher, Arthur Hayes Says

Read more from the original article on here at www.coindesk.com.





Tags : #bitcoin #hits #62k #cryptos #bounce #correction #likely #over #but #expect #slow #grind #higher #arthur #hayes #says


No. of Paragraph 22

Cryptocurrencies bounced on Friday led by bitcoin's (BTC) gain, sparking hopes that the worst of the drawdown might be over.

BTC surged almost 5% to briefly above $62,000 during U.S. morning hours following a cooler-than-expected U.S. April jobs report that eased concerns about higher interest rates. At press time bitcoin was changing hands at $61,600, up 4.4% and outperforming the broad-market CoinDesk 20 Index's (CD20) 3% advance over the past 24 hours.

Ether (ETH) reclaimed the $3,000 level and was up 3% during the same period, while altcoin majors dogecoin (DOGE), shiba inu (SHIB) and Near Protocol's NEAR jumped 5%-10%.

The rally happened as the U.S. economy added 175,000 jobs in April, less than the analyst consensus of 245,000 and the previous month's 315,000, according to the government's Nonfarm Payrolls report. It also showed the unemployment rate inching higher to 3.9% from 3.8% in March.

Read more from the original article on here at www.coindesk.com.


Related Headlines : Bitcoin Hits $62K as Cryptos Bounce; Correction Likely Over But Expect a Slow Grind Higher, Arthur Hayes Says (in Google.com):

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