Investing.com -- The price of Bitcoin surged in the wake of a weaker than anticipated April U.S. jobs market report, as investors calibrated their bets for possible Federal Reserve interest rate cuts this year.
According to the Labor Department's closely-monitored labor market report, nonfarm payrolls came in at 175,000 last month, down from an upwardly revised total of 315,000 in March. Economists had predicted a reading of 238,000.
Meanwhile, the unemployment rate was 3.9%, accelerating slightly from 3.8% in the prior month. The figure was projected to equal March's pace. However, it marked the 27th consecutive month that the jobless rate has been below 4%.
Growth in average hourly wages also registered 0.2% month-on-month, slowing from 0.3% in March. The number was estimated to be in line with the previous month.
The numbers bolstered bets that the Fed could slash rates by as much as 50 basis points this year, including a fully-priced in cut in September. The prospect weighed on the greenback, potentially boosting investors' appetite for risk assets like Bitcoin.
By 09:27 EST (13:27 GMT), the world's biggest cryptocurrency by market value had jumped by 4.20% to $60,910.0.