Bitcoin has surpassed $63,000 due to positive U.S. labor market data and speculation about inflation. The cryptocurrency market has rebounded from previous losses as investors react positively to the latest employment figures.
The U.S. economy added 254,000 non-farm jobs in September, surpassing expectations and reducing the unemployment rate to 4.1%.
However, the strong labor market may affect predictions of interest rate cuts by the Federal Reserve.
Geopolitical risks also impact market sentiment, as tensions in the Middle East have caused Bitcoin to briefly dip below $60,000.
The upcoming U.S. inflation report is expected to have significant implications for both traditional and cryptocurrency markets.
If inflation figures exceed expectations, it could impact the prevailing optimism surrounding interest rate cuts and increase volatility.
The Federal Reserve's minutes from the last meeting will also provide insights into monetary policy direction and influence investor sentiment.
As investors navigate this complex landscape, economic reports will be crucial in determining the trajectory of Bitcoin and the broader cryptocurrency market.