Crypto, Equities Markets Surge Following Positive Unemployment Data

Crypto and Stock Markets Rise Following Positive Unemployment Data

Cryptocurrency markets have been on a roll, mirroring gains in U.S. stocks following encouraging data on the strength of the American economy. The surge came as Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) all made significant gains, with smaller digital assets also seeing impressive jumps.

Bitcoin’s price is up 8% in the last 24 hours, topping $62,000, according to CoinMarketCap data. Ethereum is up even more, rising 9% to $2,673. Meanwhile, Solana is up 2.3% to $158 as of yesterday.

Earlier in the week, digital assets fell after a jobs report raised fears of a possible U.S. recession, triggering a sell-off on Wall Street. Also, a strengthening Japanese yen against the U.S. dollar prompted investors to dump risky assets including cryptocurrencies.

But investor sentiment improved and recession concerns eased after data on Thursday showed a decline in jobless claims. That news sent stocks soaring, with the S&P 500 and Nasdaq gaining 2% and nearly 3%, respectively.

Other cryptocurrencies also gained. Dogecoin rose nearly 7% to $0.1028, while Toncoin rose 15% to $6.19. XRP was the biggest gainer, rising 26% to $0.63 after a favorable court ruling. A judge ordered Ripple, the company behind XRP, to pay a $125 million fine to the Securities and Exchange Commission (SEC), significantly less than the $2 billion the SEC had sought.