The crypto markets surged in the last day. Bitcoin reached a new seven-week record as October, a traditionally bullish month, began.
BitcoinBTCAs of early Thursday morning, prices for the leading digital asset in the world, $119.450, had soared by 4 percent over the previous 24 hours. 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. If it were to break through this resistance, new highs would be possible. However, the price has since cooled, and is now at $118,947.
This big move has pushed the total market cap up by 3.5%, to $4.16 Trillion. It also renewed optimism and sentiment for an “excellent month”.Uptober.” Bitcoins’ market capitalization has also been pushed to 2.37 trillion USD, which is above Amazon. according CompaniesMarketCap.
Bitcoin has gained in 10 out of 12 of Octobers historically. according CoinGlass is a great way to collect coins.
Rate cuts due to weakening labor market
The Bureau of Labor Statistics released data this week showing that US hiring decreased in August, while the number of job openings increased.
The perpetuation of this has occurred labor market woesThe Federal Reserve could be prompted to cut interest rates This is a positive development for asset classes with high risk, like crypto.
“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 is an IG market analyst, according to Cointelegraph.
According to him, the rate of unemployment in September is expected to increase from 4.3% up until 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 markets are now available. show The probability that the Fed will cut rates by 0.25% at its next meeting is now 99%, up from 96.2 % on Monday.
Altcoins also hot on the market
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 (ADAChainlinkLINKThe day’s gains were more than 6% for HYPE, ), and ).
On October 1, the world celebrates.
Bitcoins are ripe.
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
