Bitcoin Recoups Gains While Rate Debate Rages In Mainstream Markets
- Largest cryptocurrency is on pace for another weekly increase
- Ether, Solana and Avalanche also advance; XRP slips on the day
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Bitcoin shook off early losses in the wake of a stronger-than-forecast US employment report that has sparked expectations of higher rates and volatile price swings in mainstream markets.
“Bitcoin remains up on the week in spite of most major risk benchmarks being lower,” said Stephane Ouellette, co-founder and CEO of FRNT Financial. “It does appear as though there was a slight reaction to the strong jobs report, which ostensibly gives the Fed more room to tighten further, in very thin trading.”