Cryptocurrency News: Bitcoin rebounded near $62,000 on Friday and cryptocurrency prices climbed after the jobs report blew away economists' forecast.
Bitcoin had slumped to start October, retreating near $60,600 from its Sept. 29 level above $65,600. Meanwhile, spot bitcoin ETFs recorded a total of $361.2 million in outflows between Oct. 1 and Oct. 3.
Ethereum also climbed with the broader crypto market, rebounding back above $2,400. Ethereum traded around $2,680 at the end of September but slid below $2,350 to start the week.
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Cryptocurrency Price Action
Bitcoin traded around $61,800 Friday, about 2% over the last 24 hours.
Bitcoin has rebounded 14% from a Sept. 6 low, but remains well below its March 14 record high of $73,798. That surpassed its previous all-time high of $68,990 set in November 2021.
The world's largest cryptocurrency rebounded about 157% in 2023. Bitcoin is up about 47% so far this year.
Ethereum surged above $2,400 Friday, up almost 3% over the last 24 hours but trading about 41% below its 2024 high.
ETH hit its 52-week high of $4,092 on March 12, which marked the first time it crossed the $4,000 threshold in 26 months. The No. 2 crypto is still well below its November 2021 peak above $4,800.
Ethereum is up 5.5% in 2024.
Cryptocurrency Prices Heatmap:
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Digital asset investments are extremely volatile. While cryptocurrency's fundamentals and technical indicators may differ, investors should focus on the same key objectives. First, stay protected by learning when it's time to sell, cut losses or capture profits. Second, prepare to profit if the cryptocurrency starts to rebound.
Despite their original promise, cryptocurrencies haven't acted as hedges against inflation. Instead, they've trended with the broader indexes. Read The Big Picture and Market Pulse to track daily market trends.
View IBD's Best Cryptocurrencies And Crypto Stocks To Buy And Watch page to help navigate the world of digital asset investments.
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