Bitcoin price has increased 8% in the last 24 hours, from $36,000 just 24 hours ago to just over $40,000. At the time of this news, the price of Bitcoin was $ 40,291.
Meanwhile, other major cryptocurrencies have also made the leap, including Ethereum, BNB, Solana, Cardano, and XRP, adding a total of over $100 billion to the crypto market.
January employment figures also showed average hourly earnings rose 0.7% last month and 5.7% from a year ago; this is the biggest increase in the last 10 years and added to persistent inflation fears. The consumer price index rose 7% in 2021, the highest since June 1982. Rising wages could mean the Federal Reserve takes a more aggressive stance on inflation this year, and the market may be pricing in a possible March rate hike right now.
“January employment data was shockingly strong,” said Callie Cox, eToro trading platform analyst, describing the report as a “big deal.” "This report strengthens the Fed's decision to raise interest rates."
Saxo Markets global sales trader Mike Owens also gave the following opinion.
"All this data means more leverage for the Fed hawks to push further and makes it more likely for the central bank to begin a series of aggressive rate hikes in 2022. But the question is, will we see a 50 basis point increase in March?"
Meanwhile, Meta shares plummeted as Amazon stocks surged. Facebook experienced a decline in the number of users for the first time.
Famous investor Tudor Jones described Bitcoin as “the fastest way to beat inflation,” but the price of Bitcoin fell sharply late last year with the stock markets after the Fed acknowledged it would have to raise interest rates to cool the feverish economy.
Ahead of today's Bitcoin price rally, Ethereum and its main rivals Solana, BNB and Cardano saw a massive sell-off earlier this week and then climbed.
The price of Ethereum and Solana fell sharply yesterday after the $325 million DeFi hack of the past day scared off investors, but prices rebounded after a backer of the project returned user funds.