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Bitcoin Rises Above $62,000, Poised for Weekly Gain After Weaker US Jobs Report
Summary
Bitcoin's price climbed above $62,000 and is set for a weekly increase, supported by softer U.S. labor market data and a renewal of net inflows into spot Bitcoin ETFs.
Bitcoin's value rose above $62,000 on Friday, positioning the cryptocurrency for a weekly gain. The price movement follows a recent rebound from a 21-month low of under $58,000 earlier in the week. As of Friday morning, Bitcoin was trading at approximately $62,010, up 1.9%, and was on track for a 3% rise for the week.
The rally is being linked to recent U.S. labor market data, which indicated a cooling in employment conditions. This has eased investor concerns about potential near-term interest rate hikes by the Federal Reserve. A lower interest rate environment is often seen as favorable for risk-sensitive assets like cryptocurrencies, as it can improve market liquidity.
Market sentiment was also bolstered by a shift in investment flows for spot Bitcoin exchange-traded funds (ETFs). After 10 consecutive sessions of withdrawals, U.S. spot Bitcoin ETFs recorded a net inflow of $221.7 million on July 2, according to data from SoSoValue. Persistent withdrawals from these funds had previously contributed to downward pressure on Bitcoin's price.
AdThe positive momentum extended to the broader cryptocurrency market. Ethereum, the second-largest cryptocurrency, saw its price jump by 4.3%. Other major altcoins also posted gains, with Cardano rising 5.1%, Dogecoin up 2.1%, and smaller increases for XRP and Solana.