Bitcoin (BTC) price zooms over 9%, biggest jump since October

2 min read | February 05, 2022 08:49 AM AEDT | By Rupam Roy

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Bitcoin (BTC) price zooms over 9%, biggest jump since October — Image source: pixabay.com

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Highlights

Bitcoin (BTC) price made its biggest jump in more than three months.

Ethereum (ETH) and Solana (SOL) also rallied on renewed investors’ confidence.

An upbeat economic outlook may have turbocharged the crypto market.

Bitcoin (BTC) price rose by 9.4% to US$40,426 on Friday, the biggest jump since October 15.

Bitcoin posted its most significant jump in more than three months, as investors seemed to regain their confidence after a volatile week across the financial market.

The gains in the world’s largest cryptocurrency turbocharged the market, lifting it nearly 10% to US$1.85T trillion over the past 24 hours to Friday afternoon. The overall trading volume surged 28.70% to US$85.52 billion in the same period.

Over the past two weeks, Bitcoin traded below US$40,000. Other cryptocurrencies like Ethereum (ETH) and Solana (SOL) rose over 12% and 13%, respectively. The Solana blockchain’s SOL native currency was down recently on concerns over the Wormhole project hack.

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This year, the global cryptocurrency market saw a steep decline amid various macroeconomic and geopolitical developments. The Fed’s expected interest rate hikes and inflation may have played a part. Growing concerns over the Ukraine crisis may have also weighed on the market. In addition, some investors possibly took a bearish position due to the market volatility.

But the dark cloud of uncertainties seen at the beginning of the year over the market could be clearing with the upbeat fourth-quarter results, which increased investors’ risk appetite.

On Friday, Labor Department’s latest job report showed US employers extended hirings in January despite the Omicron factor. Non-farm payrolls rose by 467,000, beating estimates.

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Bitcoin (BTC) price saw biggest its jump since last October.

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Finally, the cryptocurrency market is highly volatile. Investors, therefore, should carefully evaluate the market and cryptocurrencies before investing in digital assets. Also, the government is mulling actions to boost transparency and accountability in the crypto market.

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