ETH rallies market cap to new highs after jobs data | Crypto

ETH rallies market cap to new highs after jobs data

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– Bitcoin (BTC-USD) was up more than 2% on Friday to trade above the crucial $20,000 mark, putting it on pace for gains during the week after falling towards this key level in late August.
– Ether (ETH-USD), however, continues to lead crypto rallies, as expectations for its mid-September Merge transition have jumpstarted ether as the most popular risk-on trade in the crypto market this quarter.
– Ether was up about 6% to trade near $1,620 on Friday.
– The total market capitalization of cryptocurrencies was up about 4% following the report, trading above $1 trillion on Friday morning for the first time in two weeks, according to Coinmarketcap.
– Ether’s value relative to bitcoin (ETH-BTC) an indicator analysts use to assess risk-taking within the crypto sector was up 3% on Friday and nearing levels not seen since the beginning of this year.
– Funding rates, which indicate whether the long or short side of the trade is more popular, show that investor expectations turned sharply negative at the end of August.
– In the options market, traders appear more hesitant to place short positions following the Merge with the majority of contract expirations representing long positions.
– Markets were broadly higher on Friday after the August jobs report showed the U.S. labor market grew at a slower pace last month, potentially taking the pressure off the Federal Reserve to continue with aggressive interest rate hikes later this month.
– Shares of crypto-related companies MicroStrategy (MSTR) and Coinbbase (COIN) were little-changed on Friday following this report.
– After reporting second quarter earnings showing the company has more than $6 billion in cash to survive a prolonged crypto winter, shares of Coinbase Global rallied in the second week of August but have since retreated.
– MicroStrategy, which became embroiled in a lawsuit that alleged its founder and former CEO Michael Saylor owes more than $25 million in taxes to the District of Columbia earlier this week, saw shares up about 0.2% following Friday’s data.
– Smaller Layer-1 tokens such as PolkaDot (8%) and Avalanche (5%) were also higher on Friday amid a risk-on day for markets.

8b6d9cb0 5df5 11ec afec 4cf968416fd9 ETH rallies market cap to new highs after jobs data

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