Bitcoin Jumps Above $42,000, Shiba Inu Leads Meme Token Rise

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Bitcoin was holding above $42,000 and Shiba Inu led a rise in meme tokens on Monday as a strong US jobs report bolstered overall market sentiment.

Bitcoin, the world’s largest cryptocurrency, rose 1.8% in the past 24 hours to $42,366. It topped its 50-day moving average for the first time in more than two months, according to Bloomberg.

Ether, the second-largest digital currency, rose 1.6% in the past 24 hours to $3,065, according to CoinDesk. Over the weekend, Ether, the token that underpins the Ethereum blockchain network, crossed the $3,000 mark for the first time in about two weeks.

Shiba Inu, the popular meme token, gained 20.7% in the last 24 hours to reach $0.000027. It has fallen by more than 17% since the start of the year. Dogecoin rose nearly 6% to $0.156532.

Marcus Sotiriou, an analyst at UK-based digital asset broker GlobalBlock, said on Monday that the positive reaction to the jobs report, although it gave the Federal Reserve an additional reason to raise interest rates interest, also sparked a rebound for the crypto markets.

Sotiriou noted how Bitcoin managed to overcome the downtrend dating back to the record liquidation of $270 million in short positions, resulting in a small squeeze.

Bitcoin’s all-time high of $68,990 was hit in early November. The digital currency fell to $33,000 in January.

Sotiriou said Bitcoin is facing strong resistance between $44,000 and $45,000 as uncertainty persists in the stock market. The S&P 500 fell 5.6% in 2022, and the Nasdaq Composite fell even more than 9.9%.

US stock futures pointed to losses for Wall Street early Monday.

Write to Joe Woelfel at [email protected]

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