Bitcoin and Ethereum prices rallied Friday amidst the latest U.S. non-farm payrolls (NFP) report.
Bitcoin Looks for A Happy Ending to 2022
Bitcoin seems to be on the right track despite the year the most popular cryptocurrency has had. BTC reached the $20,800 mark on October 30 and is moving toward this ceiling once again.
Bitcoin peaked at $20,682.81 on Friday, as of writing. This is an increase from the low of $20,086.24 on Thursday.
Traders look at this with a bit of optimism. BTC prices lingered at $19,000 for the past two months until reaching that ceiling on October 30. Since then, however, Bitcoin has been trading for around $20,400.
NFP Brings in Positive Report
Markets prepared for this as they have been awaiting October’s NFP report.
Job openings are once again trending higher and it is expected that 200,000 jobs will enter the U.S. workforce–slightly lower than the September report of 263,000. The labor market is clearly weakening and, although the October report reads 200,000 job openings, the unemployment rate increased from 3.5% to 3.7%.
The labor report revealed today turned out to be positive for risky assets–where volatility plays a large role.
Ethereum in the Green
Ethereum is also making moves.
ETH reached a high of 1,585.98 on Thursday after rallying from a low of 1,525.73. ETH was closing in on the $1,600 mark today.
A collision with the key resistance point derailed ETH from breaking this ceiling and causing a slight slip–landing them at 1,577.26.
Overall, the NFP report was positive. Stocks are having a great day and those on Wall Street believe in the Federal Reserve to tranquilize inflation.
Despite this, and this is no surprise, the fate of the U.S. dollar is still undetermined.