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 is a trading platform.
Bitcoin’s price has risen to its highest since the 14th of August, seven weeks back. This was when Bitcoin began correcting itself from it all-time peak.
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.” This move also increased the market capitalization of Bitcoin to 2,37 trillion dollars, surpassing that of 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 job openings increased.
It has been perpetuated labor market woesFederal Reserve may be forced to intervene in the market by the Federal Reserve. 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, IG analyst at 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 Director at 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 have also taken off.
Bitcoin (BTC) is the leader in terms of market growth, but EtherETH( ) also has made over 5% for the day. prices It has reached its highest level ever since September 22.
Solana is another altcoin that has seen even greater gains in recent times.SOLDogecoinDOGE), Cardano (ADAChainlinkLINKThe day’s gains were more than 6% for HYPE, ), and ).
On October 1, the world celebrates.
Bitcoin is a rip-off.
Tick, tock.
Next block.
— Anthony Pompliano 🌪 (@APompliano) October 2, 2025
Magazine: Quitting Trump’s top crypto job wasn’t easy: Bo Hines
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
