As the traditionally bullish October month begins, the crypto markets are surging. Bitcoin has reached its highest level in seven weeks.
BitcoinBTCPrices have risen by 4% in the last 24 hours. The world’s most valuable digital asset, the bitcoin, reached $119.450 at the start of trading on Coinbase on Thursday. according TradingView.
Bitcoin is at its highest level since August 14, when the price started to correct from all time high. That was seven weeks ago.
Bitcoin now faces resistance above $120,000. Breaking above this level could lead to new price peaks, but the market has recently cooled down, with prices at $118.947 as of the writing.
The move uplifted the market capitalization by 3.5% and brought it to $4.16 trillion. This has renewed confidence and a positive outlook for “a bullish and optimistic month”Uptober.” Bitcoins’ market cap has risen to 2.37 trillion USD, which is higher than Amazon. according CompaniesMarketCap.
Bitcoin has gained in 10 out of 12 of Octobers historically. according CoinGlass
The rate cut is due to the weakening of the labor market
According to Bureau of Labor Statistics data published this week, US employment declined in August despite a marginal increase in job openings.
The perpetuation of this has occurred labor market woesThe Federal Reserve could be prompted to cut interest rates The crypto market is expected to be bullish again in the coming months.
“I think front and center, it’s to do with the weak ADP employment report, which followed a softer consumer confidence print earlier this week, where the labour market differentials declined,” Tony Sycamore, IG analyst at Cointelegraph.
This suggests that unemployment is likely to rise from 4,3% in September to 4,4%. “guaranteeing more Fed rate cuts.”
Related: Fed Chair Powell says FOMC is divided on additional rate cuts in 2025
“As traditional economic indicators weaken, Bitcoin’s rally past $118,000 demonstrates its increasing sensitivity to monetary policy outlooks and its appeal as a hedge against economic uncertainty,” Nick Ruck is the director of LVRG Research.
CME Futures Prediction Markets now show A 99% chance of a 0.25 percent rate reduction at the Fed’s next meeting, on October 29, is up from Monday’s 96.2%.
Altcoins also on the rise
Bitcoin leads the market, but Ether is (ETH( ) also has made over 5% for the day. prices The highest since the 22nd of September is $4,390.
Solana, another altcoin experiencing even more gains is currently Solana.SOLDogecoinDOGE), Cardano (ADAChainlinkLINKAll three indices rose by more than 6 percent on the same day.
On October 1, the world celebrates.
Bitcoins are rips.
Tick, tock.
Next block.
— Anthony Pompliano 🌪 (@APompliano) October 2, 2025
Magazine: Quitting Trump’s top crypto job wasn’t easy: Bo Hines
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Source: cointelegraph.com
