The largest cryptocurrency rises 0.7% in New York, and expectations of raising interest rates rise to 56% after the US jobs ..report.
Bitcoin compensated for its previous losses after the US jobs report came in higher than expected, raising expectations of a rise in interest rates and volatile price fluctuations in traditional markets.
“Bitcoin continued to rise during the week, despite the decline in most major risk indicators,” said Stephane Ouellette, co-founder and CEO of FRNT Financial. “There appears to be little reaction to the strong, clear jobs report data.” This will give the Federal Reserve the opportunity to conduct further monetary tightening, in a market characterized by weak trading.”
The market value of the world's largest digital asset fell by about 1% after the release of the jobs report in September, then rose 0.7% to reach $27,659 per unit at 10:55 a.m. local time in New York, and the “Ether” and “Solana” currencies also rose. Encrypted "Avalanche".
The strength of the labor market means the Federal Reserve is likely to continue raising interest rates, which are at a 22-year high, by a quarter of a percentage point this year. The probability of a year-end rate hike increased from 48% to 56% after the jobs report, according to initial market expectations.
Last week, Bitcoin had a disappointing end to the quarter with its first quarterly decline this year. During the nine weeks ending in mid-September, investors withdrew nearly half a billion dollars from cryptocurrency products, according to a report by CoinShares.
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