Bitcoin and Ethereum are ending the week slightly higher, having gained around 2% and 1% respectively since yesterday.
At the time of writing, Bitcoin is trading at $43,195.70 after regaining its footing at $43,000 last night. It is trading 4.4% higher than a week ago, according to data from CoinGecko. On Friday morning, the U.S. Bureau of Labor Statistics said the U.S. added 353,000 jobs in January and the unemployment rate remained at 3.7% for the third straight month.
Bitcoin fell slightly immediately after the release of the US jobs report. That's likely because of how a strong jobs report could impact the Federal Reserve's next Federal Open Market Committee meeting in May.
Earlier this week, investors were hoping that Federal Reserve Chairman Jerome Powell would give an indication that the FOMC would cut interest rates after its next meeting. The Fed left interest rates unchanged, which investors largely suspected. But Powell said during his announcement on Wednesday that the FOMC was unlikely to cut interest rates any time soon.
The strong jobs report now makes it even less likely that the FOMC will feel pressured to cut rates. In fact, the latest data from the CME FedWatch Tool shows that 56% of investors now expect a rate cut in May instead of March.
Bitcoin ETFs ended the week with a combined market cap of nearly $30 billion, according to Coinglass data.
That's $2 billion more than its market cap on Monday. According to reports from European digital asset manager CoinShares, all signs suggest that the rush to sell shares of the Grayscale Bitcoin Trust, sparked by the fund's conversion into a spot Bitcoin ETF, has abated.
According to Coinglass, outflows since Monday actually totaled around 19,000 BTC. That's a significant slowdown considering the trust has 54,000 BTC less than it did this time last week.
PYTH is listed on Binance
The PYTH token, a native token of the Pyth price oracle network, has surged 16% on news of its listing on Binance. Users can start depositing PYTH tokens now and withdrawals will be possible tomorrow, the exchange said in a blog post.
At the time of writing, PYTH is trading for $0.5072, according to CoinGecko, up 15% from the price this time yesterday and 25% more than a week ago.
Price oracles provide real-time pricing information for asset prices. As it turns out, Pyth is the oracle of the Solana liquidity aggregator and decentralized exchange Jupiter, which hosted an airdrop of its JUP token earlier this week.
The JUP token gained 70% during the rush for its long-awaited airdrop. As of late Friday morning, the price was at $0.636 – up 9% from this time yesterday.
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