Market Wrap: Bitcoin Flat as Stocks Swell on Positive Jobs Report

Publicado en by Coindesk | Publicado en

While the market expects bitcoin to be calm over the next few days, attention is now on the economy, with the U.S. looking as if it turned a corner in May. However, some observers see fundamental problems ahead.Bitcoin was trading around $9,735 as of 20:00 UTC, gaining 1% over the previous 24 hours.

At 00:00 UTC on Friday, the world's largest cryptocurrency by market capitalization was changing hands around $9,800 on spot exchanges like Coinbase.

The price stayed around there until 10:00 UTC, when selling caused bitcoin to drop as low as $9,584.

Bitcoin is now close to its 50-day and 10-day technical indicator moving averages, indicating sideways trading heading into the weekend.

The markets story of the day was the surging performance of stocks on Friday.

As a result, Europe posted big gains in late trading, as the FTSE 100 of top public companies closed the day up 2.25%, thus making the week positive by 6.7%. In the United States, the S&P 500 index climbed 2.6%, closing the week in the green 5.2%.Yet the total employment number likely belies bigger economic problems ahead and the rally in equities might be short lived, said George Clayton, managing partner of Cryptanalysis Capital.

Although equities appear to be turbocharged Friday, many forget the increasing role of the U.S. Federal Reserve in traditional markets in 2020."There seems to be no stopping this market with the Fed liquidity pump, but they can't hold it up forever," said Rupert Douglas, head of institutional sales at digital asset brokerage Koine.

"Meanwhile the crypto ecosystem marches forward; bitcoin mines another block. The money printing and every other macro trend sets crypto up for a rally."

The second largest cryptocurrency by market capitalization, ether, is trading around $242 and slipped less than a percent in 24 hours as of 20:00 UTC.Cryptocurrency winners on the day include lisk in the green 13%, eos climbing 5% and zcash up 1.6%. Cryptocurrency losers Friday include decred down 4.6%, stellar in the red 2%. and dogecoin in the doghouse 1.4%. All price changes were as of 20:00 UTC.In commodities, oil is making big gains, UP 5% as a barrel of crude is priced at $39.17 as of press time.

Japan's Nikkei 225 of top companies missed the equities party by ending the day flat in the green less than a percent although up 50% from March lows.