Market Recap: Crypto Rockets, Stocks Gain On Strong Jobs Report

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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 račun to eliminate taxes for small crypto transactions and a primeru 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%.

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