Bitcoin Surges Past $62,000 Amid Softening Dollar and Sluggish US Job Growth

Bitcoin soared past $62,000 on Friday, buoyed by the Federal Reserve's decision to maintain steady interest rates amid a softer U.S. dollar and sluggish job growth. Data from the United States Labor Department revealed an uptick in the unemployment rate to 3.9% in April, with non-farm job creation falling short of expectations at 175,000, compared to the forecasted 243,000. This economic backdrop spurred Bitcoin's recovery from lows of $56,800 earlier in the week, with the cryptocurrency trading at $61,678 by 2:30 p.m. ET, according to CoinGecko. The rebound in Bitcoin follows positive developments, including the recent launch of spot Bitcoin and Ethereum ETFs in Hong Kong and the quadrennial halving event on April 20, which reduced miner rewards and impacted the asset's scarcity. Additionally, the introduction of Runes, a new fungible token protocol on the Bitcoin network, coincided with the halving, further influencing market sentiment.