Bitcoin (BTC) surged above $62,700 on Monday, gaining more than 1.32%, after a stronger-than-expected U.S. jobs report on Friday cooled recession fears.

The Bureau of Labor Statistics reported that U.S. employers added 254,000 jobs last month, way beyond the 140,000 forecast by economists.

The solid employment numbers, boosted by upward revisions for both July and August, painted an optimistic picture of the labor market.

September’s job gains were the best since March, when 310,000 jobs were created. The unemployment rate fell to 4.1% from 4.2%, outpacing analysts’ expectations, while matching figures posted in June.

The strong jobs number altered expectations over the Federal Reserve’s monetary policy. Chances of a sharp 50-basis-point rate cut significantly declined, falling from 32% to only 5% according to the CME Group’s FedWatch Tool.

That move comes after Fed Chairman Jerome Powell recently said the central bank expects two more slight 25-basis-point cuts through year’s end.

Even with today’s gains, Bitcoin remains down 4% over the past 7 days, after several days of market turmoil spurred on by missile attacks and political tension in the Middle East. Some of that instability has impacted investment sentiment: BlackRock’s spot Bitcoin ETF saw outflows Thursday for just the fourth time on record after Bitcoin briefly fell below $60,000.