- The January jobs report beat expectations, helping to push both crypto markets and stocks higher
- Crypto surged today, likely due to a combination of factors including potential legislation that could favor cryptocurrencies
Nonfarm payroll soars
The total nonfarm payroll in the United States rose by 467,000 in January, far exceeding expectations and causing the stock market and crypto markets to jump. The S&P 500 saw an increase of over half a percent, adding 23 points, and went up as much as 1.4% on the day. While the Dow stayed even, the Nasdaq surged adding 219 points and going up 1.58% on the day — and even increasing as much as 2.27% during the day.
Similarly, crypto markets skyrocketed today. The reasons for the surge in the crypto market are less clear, with some citing the positive jobs report, and others citing a new bipartisan bill to eliminate taxes for small crypto transactions and a case between a Nashville couple and the IRS over staking rewards as reasons.
Both the proposed bill and the case over staking rewards have the potential to greatly benefit crypto users, which may have contributed to today's jump in crypto markets.
Bitcoin jumped as much as 10% on the day, adding over $3,200. Ether had a similar day, jumping over 10.5% at one point and adding over $250 to its value. The layer-one platform, NEAR, was one of today's biggest gainers among the top 100 coins by market capitalization, jumping as much as 17%.
Top stories
Story: Meta Adds ‘Personal Boundary’ Tool After Virtual Sexual Assault Allegation
- The function prevents digital avatars from coming within a 4-foot distance from one another to “avoid unwanted interaction,” according to a company exec.
- One woman said that “within 60 seconds of joining” Meta’s Horizon Worlds, she was “verbally and sexually harassed."
Story: Fundraising Wrap: Over $800M in Investments Poured into Crypto This Week
- On Friday, layer-2 infrastructure firm Qredo closed its $80 million Series A round led by 10T Holdings.
- Earlier this week, Seven Seven Six closed a whopping $500 million venture fund for its second fund, which will focus primarily on crypto startups.
Story: Ark Invest Seeks to Launch Venture Fund
- Proposed product would invest in the public, privately placed or restricted securities of companies involved in “disruptive innovation,” including blockchain companies and bitcoin.
- The Ark Venture Fund may invest in companies that “develop, use or rely on” blockchain technologies, as well as the Grayscale Bitcoin Trust (GBTC).
Story: South Korea’s Largest Mobile Gaming Company Makes Metaverse Play
- Mobile-gaming giant Netmarble wants to develop a metaverse sequal to its existing board game “Everybody’s Marble."
- The move is part of the company’s push into the nascent virtual medium as it plans to add blockchain capabilities to some of its existing titles.
Going forward
Next week, the Federal Reserve Governer and Cleveland's Fed President are speaking. Any monetary policy discussed could impact the markets.
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