Bitcoin, Ethereum, and Dogecoin Make a Massive Recovery on Friday

After a week of lower trends, Bitcoin (CRYPTO: BTC)Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) jumped in trading on Friday morning.

As of 3 p.m. ET, Bitcoin was up 4.1% versus yesterday’s stock market close, Ethereum had risen 2.6%, and Dogecoin was up 5.6%. And they all moved based on the same piece of information.

Unemployment data and crypto

Crypto values jumped the moment the U.S. Labor Department released April 2024 jobs data. The U.S. added 175,000 jobs last month and the unemployment rate rose slightly to 3.9%.

Dogecoin has very little utility and has been focused on its meme status, which can come and go.

I think a day like this is a time to take some chips off the table in crypto as the market telegraphs there are weaker fundamentals for the economy ahead. Like it or not, the economy and the Fed are still the biggest drivers of crypto long term.

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