Key Reasons Behind Price Increases for BTC, DOGE, XRP, and ADA

Cryptocurrencies are showing positive movement, with Bitcoin (BTC), Dogecoin (DOGE), and Cardano (ADA) experiencing significant value increases.

This price surge coincides with the latest U.S. jobs report, which revealed an unexpected rise in the unemployment rate. Non-farm payrolls rose by 206,000 for the month, exceeding the Dow Jones forecast of 200,000 but falling short of the revised gain of 218,000 recorded in May.

While policymakers are looking for further improvement in inflation before considering interest rate cuts, the declining labor market might prompt quicker action.

In reaction to Friday’s jobs report, traders boosted their expectations for an interest rate reduction in September, with the likelihood of a quarter-point cut increasing to around 75%, compared to 64% a week earlier, as indicated by CME Group data.

### BTC, XRP, ADA, DOGE Rebounds

On Friday, Bitcoin’s price dipped to $53,500 per coin, marking lows not seen since February, following the release of minutes from the U.S. Federal Reserve’s June meeting, which suggested that the central bank may not be ready to lower interest rates. Federal Reserve Chairman Jerome Powell mentioned that while progress had been made in reducing inflation, the bank wanted to be more certain it was returning to its 2% target before relaxing monetary policy. New inflation data is expected next week.

As of now, Bitcoin has increased by 1.96% over the last 24 hours, reaching $56,697. Earlier this year, BTC surged to an all-time high of around $74,000 in March with the approval of the first U.S. spot Bitcoin ETF but has since been trading within a limited range.

Dogecoin has rebounded significantly from its low of $0.0915 on Friday and continues to rise in Saturday trading. Currently, Dogecoin is up 9.60% in the last 24 hours, valued at $0.1094.

XRP has also seen a 5% increase in the past 24 hours, bringing its price to $0.435, while Cardano’s ADA coin has risen by 2.29% to $0.356.