Business News Asia
Bitcoin rose the most in more than three months on Friday (Feb. 4) as investors signaled a renewed return to the risky asset class. The rise in non-farm payrolls left financial markets positive heading into the weekend.
Bitcoin jumped 10.76% to $41,402.49, the first rise above $40,000 in more than two weeks.
Amazon’s strong earnings report has given tech stocks a boost. This also seems to have boosted Bitcoin, as Bitcoin has trended with tech stocks in recent months.
Matt Maley, chief market strategist at Miller Tabak + Co., said, “The fact that AMZN’s earnings went the way of AAPL, MSFT and GOOGL — and not the way of FB — has given investors more confidence to reengage with the risk-on trade.”
Stéphane Ouellette, CEO of FRNT Financial, a cryptocurrency trading platform, said bitcoin rallied in tandem with Amazon, which rose on Friday.
The U.S. Labor Department reported Friday that nonfarm payrolls rose by 467,000 in January. The unemployment rate rose to 4.0%.
The Spot Market is Closed
Saturday, February 5, 2022