India, Aug. 4 -- Renewed Fed rate cut hopes triggered by the lower-than-expected jobs data from the U.S. dragged down the dollar and boosted the prices of cryptocurrencies. Renewed hopes of a strategic Bitcoin Reserve also supported sentiment.
In data released on Friday morning, the U.S. Bureau of Labor Statistics showed an addition of 73 thousand to non-farm payrolls in the month of July, versus 110 thousand that the markets had expected. This compared with the previous month's revised reading of 14 thousand. The unemployment rate increased on expected lines to 4.2 percent from 4.1 percent in the previous month. The weak jobs data dampened sentiment towards the greenback.
The weaker-than-expected jobs data from the U.S. has increased the...