Bitcoin Soars 12% as Shutdown and Weak Jobs Data Boost Rate Cut Hopes 📈
Bitcoin surged 12.14% last week, reversing September losses and prompting a new crypto market rally. The rally, unlike previous ones that were led by altcoins, was spearheaded by Bitcoin this time. Ethereum and Solana also saw gains of 12.90% and 13.24%, respectively, but Bitcoin's momentum was particularly notable amidst changing macroeconomic indicators.
The rally was triggered by the start of the U.S. government shutdown on Wednesday at midnight EST. With federal operations on hold, investors expected increased economic uncertainty and potential intervention by the Federal Reserve. Market sentiments are now leaning towards an October interest rate cut.
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