Bitcoin and Ethereum surge after weak U.S. jobs report

Bitcoin and Ethereum prices rose Friday after a weaker-than-expected U.S. jobs report suggested the Federal Reserve could cut interest rates sooner than expected. Bitcoin opened at $64,259.68, slipped briefly to $64,259.68, then climbed to $65,143.87 by 9:02 a.m. ET. Ethereum opened at $1,902.20, slipped to $1,902.20, then rose to $1,929.36 at the same time.

The rally follows data showing the economy lost 23,000 jobs in July and the unemployment rate edged down to 4.1%, far below the 80,000 new jobs economists had forecast. Markets now expect the Fed to start lowering rates in September, which typically boosts risk assets like cryptocurrencies. Bitcoin is still trading below its October 2025 peak of $126,198, while Ethereum remains below its August 2025 high of $4,953.73.

Both coins are up from their historic lows—Bitcoin at $0.04865 in 2010 and Ethereum at $0.4209 in 2015—but remain volatile. Bitcoin is 0.5% below Thursday’s open, while Ethereum is 0.2% lower. Over the past week, Bitcoin is down about 3%, and Ethereum is roughly flat.

The shift comes as U.S. regulators edge closer to accepting crypto in everyday finance. The Federal Housing Finance Agency recently ordered Fannie Mae and Freddie Mac to prepare systems that treat cryptocurrency as an asset for mortgage applications, a move President Trump has championed to make America “the crypto capital of the world.” If implemented, homebuyers could soon use Bitcoin or Ethereum holdings to qualify for loans, though tax and valuation hurdles remain.