Welcome to Extreme Investor Network, where we bring you the latest in stock market news, trading tips, and insights from Wall Street. Today, we dive into the recent fluctuations in the BTC market and how it responded to the US Jobs Report.
BTC experienced a dip to a session low of $66,022 following the release of the US Jobs Report, which surpassed expectations. Nonfarm payrolls showed a surge of 303k in March, with the unemployment rate dropping to 3.8%. While wage growth figures softened slightly, this fueled demand for riskier assets, leading to a rebound in BTC prices with the Nasdaq Composite Index climbing 1.24%.
In other news, the BTC-spot ETF market witnessed four consecutive days of net inflows, with iShares Bitcoin Trust (IBIT) leading the way with a significant increase in net inflows from $144 million to $308.8 million. This surge in inflows coincided with the entry of major Wall Street players such as Goldman Sachs, Citigroup, and UBS as authorized participants in the BTC-spot ETF market, signaling a growing interest in cryptocurrencies among traditional financial institutions.
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