"It goes up and down, I hope BTC continues to rise."
In a sign of consolidation, the price of cryptocurrency king Bitcoin (BTC) broke through $71,000 as the release of Job Openings (JOLTS) data from the Bureau of Labor Statistics revealed a decline in job openings for the second month in a row.
After there were 8.06 million jobs available in April 2024, the figure representing a three-year low fell below economists' expectations of 8.36 million while the ratio of US jobs available to unemployed workers fell at 1.2.
A softening job market could pave the way for the Federal Reserve (Fed) to consider cutting interest rates in the future, but the US central bank is likely to wait for further confirmation.
In addition to the positive funding rate indicating that traders holding long positions have been anticipating an increase in the price of BTC, futures trading activity has also increased significantly in recent days.
BTC price gains were also fueled by US-based spot BTC ETFs yesterday which saw net inflows resulting in Blackrock's iShares Bitcoin Fund (IBIT) reaching over $20 billion in assets under management (AUM).
According to Singapore-based QCP Capital, the crypto market remains bullish despite negative headlines about Mt. Gox and the DMM hack last week as investors may be waiting for the Ethereum (ETH) ETF spot as well.
As of this writing, the price of BTC has jumped by 3.90% to $70,871 in the last 24 hours with a market cap of $1.3 trillion and is up 11.89% over the last week.
