Bitcoin and Ethereum, the two biggest cryptocurrencies, rose on the back of a weak unemployment report in the United States published on Friday.

At the same time, the total market capitalization of cryptocurrencies has once again reached the trillion dollar mark, which is considered very important.

Despite the high unemployment rate, the price of Bitcoin rose by nearly 4%, while the price of Ethereum increased by 4.5%.

As the economy worsens, one would expect major assets to fall in the most risky financial markets,

But investors once again witnessed a paradox of bad news.

According to the well-established narrative, for the US Federal Reserve, the assumption that rising unemployment is an argument for revising its tight monetary policy and slowing the pace of Fed rate hikes is a positive trigger.

The slowing trend is relevant as the Fed’s focus shifts toward the peak of rate hikes that will come after Federal Reserve Chairman Jerome Powell’s speech yesterday.

Correlation of crypto market with other financial markets:

While the links between the traditional market and the cryptocurrency market seem to still be there, the institutionalization trend continues.

Thus, according to the latest financial results report of the leading US cryptocurrency exchange Coinbase, institutional investors accounted for 83.6% of the total trading volume on the platform.

Coming back to the topic of Bitcoin and Ethereum, it is important to note that the alternative digital currency, Ethereum, managed to overtake Bitcoin in the market again in terms of trading volume on the Coinbase trading platform exactly one year later.

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