The recent momentum of Bitcoin, which exceeded $100,000 for the first time, generated positive movements in stocks linked to the crypto market such as MicroStrategy and Robinhood, which climbed 8% and 2%, respectively.
Wall Street rises just above the close on Wednesday, as investors await Friday’s crucial jobs report. All three major indexes closed at record highs on Wednesday.
The Dow Jones Industrial Average (^DJI) and the S&P 500 (^GSPC) trade with volatility. Meanwhile, the tech-focused Nasdaq Composite (^IXIC) is up more than 0.1%.
Investors are counting the hours until Friday’s monthly jobs report, as they seek a more accurate assessment of the optimistic outlook for Jerome Powell on the strength of the US economy. Although the Federal Reserve chair indicated that this means policymakers can act cautiously, he did not challenge the market’s belief that there could be a rate cut in December.
Market bets
Bitcoin rose more than 3%, surpassing the $100,000 barrier for the first time in late trading on Wednesday. This move boosted cryptocurrency-related stocks such as MicroStrategy and Robinhoodwhich rose 8% and 2%, respectively. Optimism in the crypto market has previously translated into strong gains for the Nasdaq Composite. However, this was not the case on Thursday.
The token’s latest rally occurred after Trump picked Paul Atkins to chair the Securities and Exchange Commission.
Bitcoin.webp
Traders reduced their bets in favor of monetary easing, considering a 74% probability that the Fed will cut rates by 25 basis points on December 18, according to the CME FedWatch tool. This compares to 77% on Wednesday and 67% a week ago.
A strong November nonfarm payrolls report on Friday could change these bets. On Thursday, new data from the Labor Department showed that 224,000 initial unemployment claims were filed during the week ending Nov. 30, an increase from 215,000 claims the previous week.
Source: Ambito
I’m a recent graduate of the University of Missouri with a degree in journalism. I started working as a news reporter for 24 Hours World about two years ago, and I’ve been writing articles ever since. My main focus is automotive news, but I’ve also written about politics, lifestyle, and entertainment.
