From Investing.com: 2024-05-03 01:24:27

Bitcoin price rose 3.7% to $59,529.4, with traders cautious ahead of U.S. nonfarm payrolls data. Despite gains, Bitcoin remains close to bear market territory, down over 20% from March’s high. Dollar drop offered some relief, but Bitcoin still set for weekly losses.

Altcoins saw gains as well, with Ethereum up 2.6% to $2,999.45, while Litecoin and Ripple rose 8% and 1.7%, respectively. Altcoins trading flat to low this week, with market cautious due to potential impact of high U.S. interest rates on cryptocurrency. Nonfarm payrolls data awaited.

Bitcoin and altcoins trading cautiously ahead of U.S. nonfarm payrolls data, highlighting market’s sensitivity to high U.S. interest rates. Traders wary of potential impact on speculative nature of cryptocurrencies. Fed’s stance on high rates expected to continue, given recent signs of persistent inflation.

Read more at Investing.com: recovers to $59k but rate fears cloud outlook By Investing.com