Cryptocurrency Price on May 10: Bitcoin rises over 2% to $62.9k on renewed global rate cut optimism

Data on Thursday showed US initial claims for state unemployment benefits increased more than expected by 22,000 to a seasonally adjusted 231,000 for the week ended May 4, the Labor Department said.

The figures follow last week's report showing US job growth slowed more than expected in April and the increase in annual wages fell below 4% for the first time in nearly three years.

As of 12:14 am, was up 2.2% at $62,922, while Ethereum was above the $3,000 level.

"In the last 24 hours, the crypto market is up on the back of US jobless claims data published yesterday. Leading cryptos by m-cap experienced a surge in prices as the data fuelled hopes of rate cuts among risk-on investors," said Parth Chaturvedi, Investments Lead, .

Meanwhile, , said, "Positive ETF inflows and news of 's investment in ETFs, along with favorable comments on crypto from , contributed to the uptrend."

"BTC is hovering just below $63,000, showing bullish action. Resistance is seen at $64,400. Meanwhile, ETH rebounded from major support around $2,950 but continues to lag behind BTC. Maintaining this support level is crucial for ETH to avoid further downside," said.

Other major crypto tokens such as Solana (7%), Toncoin (12.1%), (3.4%), Shiba Inu (2.6%), Avalanche (3.7%), Chainlink (2%), and NEAR Protocol (4.4%) also surged.

The volume of all stablecoins is now $58.67 billion, which is 92.17% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, surged to $1.243 trillion. Bitcoin's dominance is currently 53.22%, according to CoinMarketCap. BTC volume in the last 24 hours rose 2% to $25.16 billion.

"Bitcoin’s immediate support lies at the $61,300 level, while the resistance is at the $63,100 level. On the other hand, Ethereum is trading at the $3,000 level and support lies at the $2,900 level and resistance at the $3,100 level. A close above the resistance can indicate a starting point of recovery," said Edul Patel, CEO of Mudrex.

Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said, "Technical analysis suggests a bullish outlook for Bitcoin above $61,000, with resistance at $62,865 and support at $59,150. The Relative Strength Index (RSI) at the 40 and 50-day EMAs at $62,420 provide additional insights for investors."

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Source: Forex-Markets-Economic Times