The surge in altcoins followed a robust U.S. jobs report, which reassured markets and reduced recession fears, positioning cryptocurrencies for a positive trend.
Grayscale’s decision to increase TAO's allocation in its AI-focused fund suggests a strong bullish sentiment around certain altcoins, especially as AI-related tokens gain traction.
The positive labor market data not only lifted crypto but also boosted equity markets, with significant gains in both the S&P 500 and Nasdaq indexes.
Leena ElDeeb noted that Bitcoin's price is closely linked to labor data, which impacts Federal Reserve rate decisions underlining the importance of economic indicators.
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