Shares of Coinbase Global climbed Friday, trading up 4.42%, or $6.42, to $151.83, as a broader rally across cryptocurrency-linked stocks lifted the exchange operator alongside bitcoin, which rose following a weaker-than-expected July jobs report that boosted expectations for Federal Reserve interest rate cuts.

Bitcoin opened Friday at $64,259.68, roughly 0.5% below Thursday's opening price, before climbing to $65,143.87 by mid-morning as investors digested the surprise labor market data. Ethereum followed a similar pattern, opening lower before recovering to $1,929.36. The rebound came after the U.S. Bureau of Labor Statistics reported that the economy lost 23,000 jobs in July, a sharp miss from the roughly 80,000 new jobs economists surveyed by Bloomberg had expected, with the unemployment rate ticking down to 4.1%.

Weak Jobs Data Boosts Risk Appetite

Crypto assets have historically responded positively to signs of labor market weakness when that weakness raises the likelihood of Federal Reserve rate cuts, since lower interest rates tend to increase investor appetite for higher-risk assets including cryptocurrencies. Friday's rally in both bitcoin and Coinbase shares reflected that dynamic, with traders repricing expectations for the central bank's next policy move following the disappointing employment figures.

A Broad Rally Across Crypto-Linked Stocks

Coinbase's gain came as part of a wider rally across publicly traded companies with exposure to digital assets. Circle Internet Financial, the issuer of the USDC stablecoin, climbed sharply in recent sessions, while Bullish, operator of a regulated digital assets exchange, also posted strong gains. Bitcoin-focused mining and treasury companies benefited as well, with MARA Holdings and........

© International Business Times