🌋 Bitcoin Wavers After US Jobs Report
posted 6 Sept 2024
On September 6, the US Bureau of Labor Statistics released its August employment report. The unemployment rate dropped to 4.2%, in line with market forecasts. However, non-farm payrolls grew by 142,000, falling short of the expected 164,000.
Nick Timiraos, chief economics correspondent at WSJ, suggested that this report might offer clues about the upcoming September rate cut: either 0.25% or 0.5%. But given the mixed results, the odds seem evenly split at 50/50.
After this data was released, Bitcoin initially jumped to $57,000 before retreating below $55,000.
JPMorgan analysts remarked that the crypto market is lacking strong catalysts, making cryptocurrency prices more sensitive to macroeconomic factors. This sensitivity was evident on September 6.
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