Bitcoin rises above $79,000 as rates decline and dollar weakens

Bitcoin climbed above $79,000 as falling interest rates and a weaker U.S. dollar supported the cryptocurrency market, according to CoinDesk. Attention is now turning to upcoming U.S. economic data and its potential influence on Federal Reserve policy. The government’s employment report, due tomorrow, is typically regarded as the month’s most important economic release. However, the focus this time is shifting to next week’s inflation figures, which are expected to be the key data point for assessing the Fed’s policy direction. The changing emphasis keeps macroeconomic indicators at the center of the outlook for Bitcoin and other digital assets, including AKE, DATA, OMI, ENS, MON, NEX, ONT, MATIC and POL. The market move comes as lower rates and dollar weakness provide the backdrop for Bitcoin’s rise above the $79,000 level.