Bitcoin, Ethereum, and Dogecoin Rise as Weak Labor Market Hints at Potential Rate Cuts

Bitcoin crossed $71,000, while Ethereum surpassed $3,850 on the back of a weaker private sector jobs report, triggering risk-on sentiment. Open Interest in Bitcoin futures surged over 12% in the past week, indicating increased volatility expectations. However, short positions on Bitcoin also spiked, suggesting a potential correction may be on the horizon. Top gainers included Stacks, Mantle, and Cronos. Analyst ionicXBT predicts Bitcoin will reach $95,000 by August 2024 and has offered to reward retweets with £50 if he's wrong.