The price of Bitcoin surged following a weaker-than-anticipated April U.S. jobs market report, as investors adjusted their expectations for potential Federal Reserve interest rate cuts this year.

According to the Labor Department’s closely-monitored labor market report, nonfarm payrolls for last month totaled 175,000, down from an upwardly revised total of 315,000 in March. Economists had anticipated a reading of 238,000.

Meanwhile, the unemployment rate slightly accelerated to 3.9%, up from 3.8% in the prior month. This marked the 27th consecutive month that the jobless rate has remained below 4%, despite projections for it to match March’s pace.

Additionally, growth in average hourly wages showed a month-on-month increase of 0.2%, down from 0.3% in March, in line with previous estimates.

These figures strengthened expectations that the Federal Reserve might reduce interest rates by as much as 50 basis points this year, with a fully-priced in cut expected in September. This outlook weighed on the value of the U.S. dollar, potentially increasing investors’ interest in risk assets like Bitcoin.

By 09:27 EST (13:27 GMT), the world’s largest cryptocurrency by market value had surged by 4.20% to $60,910.0.