Bitcoin hits 62k as FTX token, Beam, Shiba Inu soar after US adds 254k jobs in September

Bitcoin and other altcoins held steady after the Bureau of Labor Statistics released encouraging nonfarm payrolls data in September.

Non-farm employment is recovering in the US

Bitcoin (BTC) rose slightly to $62,500, while Solana (SOL) rose 3% to $140. FTX Token (FTT) is a top 100 cryptocurrency, up 20%. It’s up over 80% from this month’s low.

Shiba Inu (SHIB), the second largest meme coin in the industry, was the second best performing currency, up 10%. Other top performers were AAVE (AAVE), Beam (BEAM) and Celestia (TIA).

The American economy added 254,000 jobs in September, above the average estimate of 147,000, according to the BLS. It also raised its forecast for the August employment report to 159,000.

While the unemployment rate decreased from 4.2% to 4.1% in September, wage growth increased from 3.9% to 4.0%.

These figures come at a time when there are serious inflation fears as the crisis in the Middle East escalates and crude oil prices rise. Brent crude oil rose to $78 and West Texas Intermediate rose to $75.

Therefore, there is a risk that the Federal Reserve may not be as aggressive in lowering interest rates as widely expected. In his statement on Monday, September 30, Fed Chairman Jerome Powell stated that the Fed will act conservatively while reducing interest rates.

A hawkish turn by the Federal Reserve would be moderately bearish on risky assets like stocks and cryptocurrencies.

Another day and again high oil prices.
If this continues and leads to permanently higher prices, a big “if”, it will challenge the widely held view in markets that “inflation is dead” and that the Fed can become a sole authority central bank focused solely on “maximum employment”… pic.twitter.com/1SqxsiJZwF

— Mohamed A. El-Erian (@elerianm) October 4, 2024

Investors optimistic about Bitcoin and altcoins

On the positive side, most crypto investors are optimistic about Bitcoin and altcoin performance in October.

Historically, October and November have been the two best months for Bitcoin, according to CoinGlass.

One crypto analyst noted in a note that the best October months of the last few years started with some challenges.

Each person, their own dog, that dog’s cousin, the first dog’s owner’s cousin, then that owner’s Anon CT account drops $BTC currently and the broader cryptocurrencies seem to be.

Ignore the noise. The last two true bull markets for BITCOIN were born on Uptober, but… pic.twitter.com/4ygLYq0kQy

— Jagoilio (@mitchell_nixon) October 4, 2024

Another potential catalyst for Bitcoin and other tokens will be the US elections in November. Historically, top assets perform well after the election as investors embrace the new normal of the next administration.

Meanwhile, most bullies in a $147,000 Polymarket survey believe Bitcoin will rise to $65,500 this month, 7% above the current price. Many think it rose to $70,000 this month.

Bitcoin’s comeback will lead most altcoins like Solana, Ethereum, and Solana to gain more. This will also encourage further gains in the meme money industry.