After laboring for the most of the previous three weeks to overcome that barrier level, Bitcoin was trading above US$20,000 on Wednesday morning. The most notable gains were made by Dogecoin, which increased together with Ether and the other top 10 cryptocurrencies by market capitalization.
In the last day, Bitcoin increased by 3.6% to trade at $20,336 and Ether increased by 2.9% to US$1,362, according to data from CoinMarketCap.
Following the announcement that Tesla CEO Elon Musk is moving on with his US$44 billion purchase of social media company Twitter, the most popular memecoin Dogecoin increased 9.2% to trade at US$0.065. Long a supporter of Dogecoin, Musk has recently made suggestions that the cryptocurrency will be more thoroughly integrated into the platform.
Shiba Inu Token, an imitative memecoin that capitalizes on Doge’s success, was also up, rising 4.2% to $0.00001163. Additionally up 3.7% to $0.48, XRP. BNB increased 3.2% to trade at US$296 while Solana increased 3.5% to trade at US$34.12.
On Tuesday, U.S. stocks recorded significant back-to-back increases. The S&P 500 Index closed up 3.1%, bringing its weekly gains to 5.7%. This was the index’s biggest two-day gain since March 2020. The Dow Jones Industrial Average increased by 2.8%, the Nasdaq Composite Index increased by 3.3%, and the S&P 500 Index closed up 3.1%.
According to the most recent employment statistics, which were announced on Tuesday, there were 10.05 million job opportunities in the United States in August, which is the lowest level in nearly 2.5 years. Investors may have interpreted this as a hint that the Federal Reserve’s initiative to combat inflation by raising interest rates is starting to slow the economy, which is unfortunate for job searchers.
In August, there were 1.7 job vacancies for every unemployed individual, down from 2 in July but still over the historical norm, according to the Labor Department’s Job Openings and Labor Turnover Survey. Although this indicator shows how robust the economy is, the Fed has said it intends to keep raising interest rates until inflation hits a target range of 2%.
