ETH - Why Celsius Led Crypto Higher on Friday
The crypto market sprang to life on Friday and values were quickly rising across the board. At noon ET, Ethereum (CRYPTO: ETH) was up 6.5% in the last 24 hours, Chainlink (CRYPTO: LINK) was up 9.5%, Polkadot (CRYPTO: DOT) had risen 8.2%, and Celsius (CRYPTO: CEL) had popped a whopping 31.7%.
One big news item affecting markets today is the August jobs report, which showed an increase of 315,000 jobs on the nonfarm payroll during the month. That figure is the last major economic indicator before the Federal Reserve's September meeting and investors think it likely means a 75- basis-point increase in short-term rates this month.
Celsius Network, which is behind the Celsius token and is also in bankruptcy proceedings, said it would like to release about $50 million in assets to customers. This is far short of the $210 million in custody assets Celsius Network holds, but was seen as a positive sign nonetheless.
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Why Celsius Led Crypto Higher on Friday