Bitcoin, the most valuable and best-known cryptocurrency on the market, has accumulated a weekly depreciation of more than 5%, reaching around $61,000 at the close in Europe, amid aversion to risky assets after the new intensity of the war that has emerged in the Middle East between Israel and Iran.
According to market data consulted by Europa Press, The cryptocurrency is struggling not to lose the $60,000 level after starting the week at 66,000 ‘greenbacks’.
In this way, bitcoin has largely seen the increases it experienced in September reversed, a period during which the digital asset increased by 8.2%.
Overall, the truth is that Bitcoin has found a bullish support element in the latest US jobs report, which was much better than analysts expected.
Going into details, The US economy generated 254,000 new jobs non-agricultural workers during the month of September, a figure higher than the 159,000 created in August, while the unemployment rate fell by a tenth, to 4.1%.
“This data certainly points to a 25 basis point cut instead of 50 basis points that appeared to have been discounted so far in November,” noted market analyst Manuel Pinto.
In short, this supposed slowdown in the reduction of interest rates by the Federal Reserve (Fed) has once again given air to the appetite of cryptocurrencies and investors, since in the daily result of this Friday manages to rebound by 2%.
Ethereum, the second most valuable cryptocurrency, suffers a similar fate: in the week it accumulates a 9% drop due to geopolitical tensionsbut this Friday, it rebounded by 4% due to the cooling rate outlook, until trading at $2,430.
Gold, in the maximum zone
On the other hand, it should be noted that gold, the safe haven par excellence, does not seem to benefit from investors’ feelings of fear, since it fell by one point during the week. 0.5%, until reaching $2,650.
In total, it should be noted that the precious metal remains very close to its historic highs, collected on September 26 in the $2,685.
