## Bitcoin's Resilience After Jobs Data

Bitcoin has shown remarkable resilience this week, **parsing weekly losses** after the release of **better-than-expected September jobs data**. This news has sparked interest in the cryptocurrency markets as traders and investors assess the implications for future price movements.

### Insights from CNBC Crypto World

In a recent episode of **CNBC Crypto World**, Sam Kessler from **CoinDesk** discussed the vital role that economic indicators, such as job reports, play in shaping the **crypto landscape**. The segment also highlighted concerning reports that **North Korean IT workers** are infiltrating global crypto companies, raising alarms about security and integrity in the digital currency space.

### Key Takeaways
- **Positive employment figures** can lead to increased investor confidence in cryptocurrencies.
- The infiltration of crypto firms by **North Korean IT workers** poses significant risks for the industry.
- Traders are keeping a close eye on economic trends as they influence market dynamics.

Stay tuned for more updates as the situation develops and the crypto market reacts to economic changes.

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Sam Kessler of CoinDesk discusses his reporting that North Korean IT workers have infiltrated global crypto companies.

Bitcoin Bounces Back: What September Jobs Data Means for Cryptocurrency

### Stocks Rally After Strong Jobs Report

**Stocks soared** on Friday as investors welcomed a **key monthly jobs report** that showcased robust hiring in the US economy. The **S&P 500** gained **0.9%**, while the **Dow Jones Industrial Average** surged more than **300 points**, marking a new record. The **Nasdaq Composite** also saw a rise of **1.2%**.

### September Jobs Report Surprises

The **September jobs report** significantly exceeded expectations, adding **254,000 jobs** and reducing the unemployment rate to **4.1%**. This data indicates that the labor market remains strong despite signs of cooling. Yahoo Finance's Josh Schafer has further details on the report. 

### Interest Rate Forecasts Shift

The jobs data has influenced forecasts for a **smaller interest rate cut** from the Federal Reserve next month. Currently, nearly **99% of bets** are on a **25 basis point cut**, rather than a **50 basis point** reduction.

### Market Resilience Amid Challenges

Despite a week filled with concerning headlines, including a **major port strike** and geopolitical tensions, the markets showed remarkable **resilience**. The **S&P 500** and **Dow** ended the week with gains, sitting close to record highs.

### Oil Prices and Geopolitical Tensions

Oil prices have surged, marking their **biggest weekly gain** in over a year amidst fears of escalating conflict in the Middle East. Following **strikes by Israel** on Beirut, concerns about oil supply have heightened, contributing to price increases. 

**Image:** ![Stock Market](https://o.aolcdn.com/images/dims?image_uri=https%3A%2F%2Fs.yimg.com%2Fos%2Fcreatr-uploaded-images%2F2019-06%2F97285f00-895d-11e9-9b7a-2b53cff69736&compress=1&progressive=1&quality=75&client=hawkeye&signature=9c0d71acf684c03ee294d31b319e6ee0f5427b68)

Investors braced for a key monthly jobs report, with the Middle East crisis and a return to work at US ports also in high focus.

Record-Breaking Dow Surge: Jobs Report Sparks Market Rally

The **cryptocurrency market** is currently facing challenges despite a brief recovery after the **Federal Reserve's rate cut** announcement in September. Bitcoin (BTC), which briefly surpassed **$63,000**, has dipped below **$60,000** this week due to various factors, including a **four-day outflow from U.S. spot Bitcoin ETFs** and ongoing geopolitical tensions in the **Middle East**.

### Bitcoin Price Retreats From Recent Highs
Bitcoin traded at **$61,136.95** on Thursday but fell below **$60,000** earlier in the day. This decline marks the **sixth consecutive day** of price drops, following a peak of **$73,750** on March 14. Despite recent setbacks, Bitcoin has achieved a **44.6% year-to-date return**.

### Cryptocurrency Stocks Poised to Grow
The cryptocurrency market stands to benefit from anticipated **Federal Reserve rate cuts**. Lower interest rates typically favor growth assets like cryptocurrencies as they reduce the opportunity cost of holding non-yielding assets. Investors are optimistic about a potential **50 basis point rate cut**, signaling positive momentum for the crypto market.

### 4 Crypto Stocks With Growth Potential
#### Robinhood Markets
**Robinhood Markets** operates a platform allowing users to trade various assets, including cryptocurrencies. With an expected earnings growth rate exceeding **100%**, it currently holds a **Zacks Rank #1 (Strong Buy)**.

![Robinhood](https://s.yimg.com/ny/api/res/1.2/Xg_kk3eGWHs0SO4QEN65wA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTYzODtjZj13ZWJw/https://media.zenfs.com/en/zacks.com/5aedab9b0ba0d51a4441fd533441bb05)
*Image Source: Zacks Investment Research*

#### BlackRock
**BlackRock**, a major investment manager, has engaged in the **Bitcoin ETF race** since June 2023. Its expected earnings growth rate stands at **9.6%**, and it currently holds a **Zacks Rank #3**.

![BlackRock](https://s.yimg.com/ny/api/res/1.2/wz.8ddEwZxVoRglZd4ldgQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTYwNDtjZj13ZWJw/https://media.zenfs.com/en/zacks.com/2ae0daf154d6a4735d0ca1aeda553a91)
*Image Source: Zacks Investment Research*

#### CME Group
**CME Group Inc.** offers options for cryptocurrency futures contracts. The expected earnings growth rate for CME is **7.3%**, with a current **Zacks Rank #3**.

![CME Group](https://s.yimg.com/ny/api/res/1.2/tXx6L3Rvb3F1_1ersDiK9g--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU5NTtjZj13ZWJw/https://media.zenfs.com/en/zacks.com/bb16021e112b7421e383d1ff7b59df6f)
*Image Source: Zacks Investment Research*

#### NVIDIA
**NVIDIA**, a leader in visual computing technologies, is focused on solutions that support high-performance computing. It has an expected earnings growth rate of over **100%** and currently holds a **Zacks Rank #3**.

![NVIDIA](https://s.yimg.com/ny/api/res/1.2/Y9gqt_GAcl.lxzS1xIFI8w--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTYzMDtjZj13ZWJw/https://media.zenfs.com/en/zacks.com/c6fe25c5d61d679cd5b996be7abc4db0)
*Image Source: Zacks Investment Research*

Stocks like HOOD, BLK, CME and NVDA are poised to gain once the Bitcoin rally resumes.

Unlocking Potential: 4 Crypto Stocks Set to Soar Before the Next Bitcoin Surge

### Satoshi Nakamoto: The Bitcoin Pioneer
The creator of Bitcoin, **Satoshi Nakamoto**, holds the most Bitcoin — currently **1.1 million BTC**, valued at **$67.6 billion**. He mined this fortune in the early days of Bitcoin when each block mined yielded 50 Bitcoin.

### Other Major Holders
As the market evolves, other holders are catching up. Here’s a look at the top holders:

- **Coinbase:** **973,694 BTC** worth **$59.8 billion**. The exchange is a primary custodian for Bitcoin and Ethereum ETFs in the U.S.
- **Binance:** **663,813 BTC** valued at **$40.8 billion**. Despite regulatory challenges, Binance remains the largest crypto exchange globally.
- **BlackRock:** **361,518 BTC** worth **$22.2 billion**. The investment giant has entered the crypto space with a Bitcoin ETF and a tokenized money market fund.
- **Fidelity Custody:** **273,097 BTC** worth **$16.7 billion**.
- **Grayscale:** **256,075 BTC** valued at **$15.7 billion**.
- **MicroStrategy:** **252,220 BTC** worth **$15.5 billion**.
- **The US Government:** **198,955 BTC** valued at **$12.2 billion**, largely confiscated from criminals.
- **Bitfinex:** **196,504 BTC** worth **$12 billion**.
- **Kraken:** **172,106 BTC** valued at **$10.5 billion**.

### Concentration of Wealth
Currently, wallets holding more than **10,000 BTC** account for nearly **16%** of Bitcoin’s total supply, a slight increase from **15%** last month. This concentration is partly due to **custodial wallets** held by exchanges like Coinbase, which manages Bitcoin for both retail and institutional clients.

### The Debate on Custodians
There’s ongoing debate regarding whether custodial holdings should be counted as top holders since they often hold assets on behalf of clients, leading to potential double-counting in rankings.

Aleks Gilbert is **DL News’** New York-based DeFi correspondent. You can reach him at [aleks@dlnews.com](mailto:aleks@dlnews.com).

The list of top 10 Bitcoin holders includes Fidelity and the US government.

Who Holds the Most Bitcoin? Discover the Top 10 Bitcoin Holders and Their Massive Fortunes!

Bitcoin has made a slight recovery, reaching **$61,600** in early European trading today, as investors await the crucial **September jobs report** from the U.S. Bureau of Labor Statistics. Currently, the **price of Bitcoin** has dipped slightly to around **$61,300**, reflecting a **1% increase** on the day, according to data from [CoinGecko](https://www.coingecko.com/en/coins/bitcoin).

Market experts suggest that this jobs report could significantly influence the **Federal Reserve's** policy on interest rates, which may directly impact cryptocurrency prices. Ethereum also saw a minor increase, rising **1.1%** to **$2,375**, but both cryptocurrencies have faced declines over the past week, with **Bitcoin down 7%** and **Ethereum down 11%**.

The jobs report, scheduled for **8:30 a.m. ET**, is anticipated to shed light on the Fed's potential **interest rate cuts in November**. Economists predict a slight decline in new **nonfarm payrolls** from **142,000** in August to **140,000** in September, while the **unemployment rate** is expected to remain steady at **4.2%**.

The Fed's reaction to these figures is crucial for the crypto market, as a stable economic outlook could lead to a more cautious rate-cut cycle, which analysts believe might foster a favorable environment for a rebound in crypto prices. Despite recent volatility, some analysts believe that **Bitcoin** could be on the verge of a short-term recovery.

**CryptoQuant's** analysis of the **Coinbase Premium Index** suggests that demand from U.S.-based investors is still strong. Their analysis indicates that the recent correction from **$66,000** to **$61,000** could signal a potential short-term recovery.

However, recent flows from **Bitcoin spot ETFs** show a market in flux, with **$54.1 million** exiting these investment products recently. Notably, while some ETFs saw significant outflows, others like **(IBIT)** reported inflows of **$35.9 million**, indicating that some investors still find value in Bitcoin.

Analysts at **10x Research** express a cautiously optimistic view, suggesting that the current sell-off might be nearing its end. They note that Bitcoin typically experiences corrections that reverse between the **5th and 7th** of each month, hinting at a possible turning point. 

Additionally, as **institutional investors** begin to rebuild their balances, the sell pressure appears to be easing. Investor sentiment is relatively calm, with low implied volatility and minimal demand for put options, indicating limited concerns over further downside risks. This aligns with historical trends where liquidations in Bitcoin futures often signal market lows, suggesting that the current sell-off might be winding down.

Crypto investors are nervously awaiting the release of the September jobs report, and the Fed’s response regarding rate cuts in November.

Is Bitcoin's Short-Term Recovery Just Around the Corner? Insights Ahead of the U.S. Jobs Report

Bitcoin's **historic gains** are nothing short of magnificent.

**Bitcoin (BTC)** has undoubtedly been one of the best financial assets. In the past decade, the price has skyrocketed an unbelievable **15,600%**. For comparison, the **S&P 500** has produced a total return of just **250%** during the same time.

As of this writing, Bitcoin trades **14% off its peak price**, which might look like an attractive entry point for some investors. It will certainly be a **volatile ride**, but this top cryptocurrency could generate **serious wealth** over the long term. Here's why.

## Standing above the troubled fiat system

It's first important to understand what makes Bitcoin special. Investors should realize the problems with the current **fiat system**. The U.S., for example, is the world's dominant economy, but it has consistently run a **fiscal deficit**, resulting in a burgeoning **debt burden** of **$35 trillion**. This doesn't include the troubling **$69 trillion** in unfunded **Social Security** and **Medicare liabilities**.

With the **Federal Reserve** cutting interest rates, the U.S. dollar will continue to be **debased** as the money supply climbs. Understanding this unsustainable situation, pseudonymous Bitcoin founder **Satoshi Nakamoto** created the cryptocurrency as a solution. Bitcoin has a **declining rate of inflation** that cannot be altered without consensus among the majority of nodes, contrasting sharply with the rampant money printing in the fiat system.

Another key trait is its **fixed supply cap**: there will only ever be **21 million** Bitcoin tokens in circulation. This makes Bitcoin a finite digital asset, providing an escape from the brewing problems in the global economy.

![Bitcoin Logo](https://g.foolcdn.com/art/companylogos/mark/BTC.png)

**Today's Change**: **(2.76%) $1,709.15**  
**Current Price**: **$61,866.70**  

## Greater interest from the investment community

The investment community has slowly started to recognize Bitcoin's compelling characteristics, with growing demand for the asset over the years. In January of this year, the **Securities and Exchange Commission** approved **spot Bitcoin exchange-traded funds (ETFs)** for the first time. Major Wall Street asset managers have acknowledged their customers' desire for exposure to Bitcoin, resulting in significant capital inflows.

Bitcoin's importance has also escalated in the current election cycle, with former President **Donald Trump** declaring intentions to build a strategic Bitcoin reserve. This highlights Bitcoin's growing significance.

As understanding of Bitcoin increases, it is likely to be viewed as a **safe haven asset**, evidenced by its **1,170% gain** since the onset of the COVID-19 pandemic. Additionally, its low long-term correlation to other financial assets benefits **portfolio diversification**.

## Play the long game

Bitcoin has been around for about **15 years** and has bounced back stronger after every major drawdown, proving to be **anti-fragile** and resilient. The longer it survives and thrives, the greater the probability it will remain relevant.

However, it will continue to be a **volatile financial asset**, with a market cap of **$1.3 trillion**. Anyone looking to own Bitcoin must adopt a **long-term mindset** to benefit from the potential of generating serious wealth from it.

Bitcoin's historic gains are nothing short of magnificent.

Why Bitcoin's Incredible Growth May Be Your Path to Wealth

**An Indiana man has admitted to stealing over $37 million in cryptocurrency from nearly 600 victims.** This shocking revelation highlights the growing concerns around **cryptocurrency security** and the need for vigilance among investors. As the digital currency landscape continues to evolve, incidents like this serve as a stark reminder of the **potential risks** associated with investing in cryptocurrencies. With the rise in popularity of digital assets, **scams and thefts** have also escalated, prompting a call for **greater regulatory measures** and **education** for investors to protect themselves from similar frauds.

Indiana Man Confesses to $37 Million Cryptocurrency Heist Affecting Nearly 600 Victims

### BlackRock's Insights on Bitcoin Volatility

BlackRock, the world’s largest asset manager, has recently made headlines by **predicting a continued decline** in Bitcoin's volatility, positioning it as a **stable long-term investment**. During the **Digital Assets Conference**, BlackRock unveiled its findings, emphasizing that Bitcoin's volatility has been steadily decreasing and is expected to continue this trend as **adoption increases** and the asset matures.

![BlackRock Insights](https://static.cryptobriefing.com/wp-content/uploads/2024/08/07081125/BlackRock-2-800x420.png)

### Key Takeaways
- **Bitcoin's Integration**: BlackRock's data indicates that **adding Bitcoin to investment portfolios** can significantly **outperform traditional investments**.
- **Hedge Against Fiat Decline**: The firm highlights Bitcoin's growing role as a hedge against the **decline of fiat currencies**.

At the conference, BlackRock shared that portfolios incorporating Bitcoin showed improved **risk-adjusted returns** across various timeframes. For instance, portfolios with **1%, 3%, or 5% Bitcoin allocations** yielded higher returns over one, two, five, and ten years compared to traditional portfolios.

![Bitcoin Portfolio Impact](https://static.cryptobriefing.com/wp-content/uploads/2024/10/03163602/blackrock-7-scaled.jpeg)

While Bitcoin did introduce slight volatility into these portfolios, the **potential for higher returns** often outweighed the additional risk. A portfolio with a **5% Bitcoin allocation** achieved an impressive **19.1% return** long-term, significantly surpassing the **11% return** from portfolios without Bitcoin exposure.

### Long-Term Holding Benefits
BlackRock emphasized the importance of **long-term holding** for Bitcoin investments. Their analysis revealed that Bitcoin's lowest four-year trailing return remains an impressive **137%**, indicating that holding Bitcoin for three or more years has consistently yielded **positive returns**.

![Volatility Reduction with Time](https://static.cryptobriefing.com/wp-content/uploads/2024/10/03163638/blackrock-8-scaled.jpeg)

Additionally, BlackRock compared Bitcoin to **gold and US Treasuries**, underscoring its **fixed supply**, **decentralized governance**, and **low correlation** with traditional assets, which positions it as a valuable hedge against **declining government trust** and fiat currencies.

BlackRock also acknowledged that, despite Bitcoin's historically elevated volatility, it has been decreasing as the asset matures. The data revealed a **low correlation** with gold (0.1) and the S&P 500 (0.2), highlighting Bitcoin's unique role as an independent asset class.

Lastly, BlackRock positioned Bitcoin as a safeguard against the **declining value of fiat currencies**, particularly the US dollar, which has seen a significant drop since 1913. By offering Bitcoin ETFs, BlackRock is signaling its confidence in Bitcoin's **long-term value** and its increasing significance in financial markets.

BlackRock reveals a steady decrease in Bitcoin volatility, enhancing portfolio returns and establishing it as a reliable asset class.

Bitcoin Bounces Back: What September Jobs Data Means for Cryptocurrency

Summary:

Bitcoin's Resilience After Jobs Data

Insights from CNBC Crypto World

Key Takeaways

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Other Latest News

Record-Breaking Dow Surge: Jobs Report Sparks Market Rally

Unlocking Potential: 4 Crypto Stocks Set to Soar Before the Next Bitcoin Surge

Who Holds the Most Bitcoin? Discover the Top 10 Bitcoin Holders and Their Massive Fortunes!

Is Bitcoin's Short-Term Recovery Just Around the Corner? Insights Ahead of the U.S. Jobs Report

Why Bitcoin's Incredible Growth May Be Your Path to Wealth

Indiana Man Confesses to $37 Million Cryptocurrency Heist Affecting Nearly 600 Victims

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Record-Breaking Dow Surge: Jobs Report Sparks Market Rally

Unlocking Potential: 4 Crypto Stocks Set to Soar Before the Next Bitcoin Surge

Who Holds the Most Bitcoin? Discover the Top 10 Bitcoin Holders and Their Massive Fortunes!

Is Bitcoin's Short-Term Recovery Just Around the Corner? Insights Ahead of the U.S. Jobs Report

Why Bitcoin's Incredible Growth May Be Your Path to Wealth

Indiana Man Confesses to $37 Million Cryptocurrency Heist Affecting Nearly 600 Victims

BlackRock Predicts Bitcoin's Volatility Will Continue to Decline: A New Era for Crypto Investments