Bitcoin Hits $62K as Cryptos Bounce; Correction Likely Over But Expect a 'Slow Grind Higher,' Arthur Hayes Says
Summary
Bitcoin surged nearly 5% to over $62,000 after a weaker-than-expected U.S. jobs report eased concerns about higher interest rates. Ether surpassed $3,000, and altcoins like dogecoin, shiba inu, and Near Protocol's NEAR also jumped 5%-10%. The report led to increased odds of a rate cut by September. Concerns about the Federal Reserve's hawkish stance and the U.S. dollar's strength have impacted crypto markets. Analysts predict a gradual climb for bitcoin, with a range-bound price action between $60,000 and $70,000 until August.
