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Bitcoin Leads Crypto Rally as Market Shrugs Off US Jobs Shock

  • Largest cryptocurrency tops $24,000 as risk assets advance
  • Correlation between Bitcoin and benchmark stock gauges firms

Bitcoin spearheaded a rally in crypto tokens Monday as investors turned to digital assets in the wake of robust US jobs data.

The largest cryptocurrency by market value rose as much as 4% above the $24,000 mark by mid-morning trading in London, while Ether was up 3% at around $1,770. The sector was buoyed alongside similar moves in European stocks and US equity futures after the strong payrolls print suggested the world’s biggest economy may avoid a hard landing even as the Federal Reserve tightens aggressively.