Daily Times

Bitcoin led a rise in crypto tokens on Monday, as investors flocked to digital assets in the aftermath of strong US job statistics. By mid-morning trading in London, the biggest cryptocurrency by market value had risen as much as 4pc past the $24,000 barrier, while Ether was up 3pc at roughly $1,770. After the robust payrolls print suggested that the world’s largest economy may avoid a severe landing even as the Federal Reserve tightens rapidly, the sector was boosted with similar gains in European markets and US equity futures. A lengthy bear market for cryptoassets has seen Bitcoin drop more than 47pc of its value this year, and it is still around 65pc below its all-time high of $68,991 set in November last year. Despite crypto’s offer to investors as a good inflation hedge, the values of Bitcoin and other cryptocurrencies are increasingly influenced by traditional market forces such as monetary policy. Bitcoin has a significant connection with indices such as the S&P 500 and the Nasdaq 100, with a correlation of more than 0.6 on Monday.