The crypto market is in the green at the weekend. The price of Bitcoin to
Shiba Inu shot up on Saturday (5/2). In fact, the price of Bitcoin broke
through US $ 40,000, the highest level in the last two weeks.
Referring to CoinMarketCap data on Saturday (5/2) at 13.05 WIB, Bitcoin
price was perched at US$ 41,551.02 or jumped 10.54% in the last 24 hours.
The price of the world's largest cryptocurrency in terms of market
capitalization surpassed the key psychological threshold of $40,000 for the
first time since January 22.
“Some of the attacks on the downside are not working anymore as the risks
have been removed,” said Daniel Kukan, Senior Trader at Crypto Finance AG,
as quoted by CoinDesk.
Kukan said the next target for the Bitcoin price level on the upside would
be US$42,000 to US$43,000.
Bitcoin prices briefly fell after the US Department of Labor reported
unexpectedly strong job growth in January.
Theoretically, such a report would be negative for Bitcoin prices, as the US
central bank, the Federal Reserve may need to move more aggressively in
raising interest rates to keep the labor market from overheating.
Huge improvement
In general, Bitcoin price has responded negatively to tighter monetary
policy.
“Bitcoin’s initial spontaneous reaction to the very strong nonfarm payrolls
report was weakness,” said Edward Moya, Oanda Senior Market Analyst, as
reported by CoinDesk.
But, he noted, "Bitcoin prices have managed to stabilize despite mounting
inflationary pressures that continue to push global bond yields higher".
