Bitcoin Flounders Ahead of Friday Jobs Report That Might Push Fed to Slash Rates by 50 Basis Points
The U.S. government tomorrow will release its Nonfarm Payrolls Report for the month of August in what will be one of the final economic data points for the Federal Reserve to ponder prior to its rate-setting meeting later this month.
Economists are forecasting the U.S. to have added 160,000 jobs in August, up from July's soft 114,000 print. The unemployment rate is seen edging down to 4.2% from 4.3%. While a stronger-than-expected or even in line report is likely to result in the Fed just cutting its benchmark fed funds rate by 25 basis points, a soft number will surely have traders rushing to price in a 50 basis points move.
The balance of economic news this week – the ISM Manufacturing PMI, the Fed's Beige Book and the ADP August jobs report – so far has leaned soft, amping up the idea that the Fed might go for a bolder path of policy easing. According to CME FedWatch , there's a 44% chance of a 50 basis point rate cut vs a 34% one week ago.
There was a point in time not long ago when a speedy pace of monetary ease was thought to be a major positive catalyst for bitcoin (BTC) prices. The original crypto, after all, was invented during the global financial crisis more than 15 years ago alongside the Fed's rush to cut rates to 0% and pump hundreds of billions of freshly minted dollars into the economy.
Then the Fed's 2020 Covid-era push to again slash rates/pump money took bitcoin in the course of less than one year from a sleepy, fringy property into a $1 trillion asset class.
This coming easing cycle, though, is thus far generating zero enthusiasm for taking prices higher. Each signal over the past several weeks that rate cuts were coming has resulted in only a momentary break from bitcoin's downtrend. At the current $56,300, bitcoin is lower by 5% over the last month and off more than 23% from a record high above $73,500 touched six months ago.
Quinn Thompson, CIO of hedge fund Lekker Capital this morning was speaking about traditional markets, but it may as well have been bitcoin: "Every single piece of economic data this week has been weak," he wrote. "Conviction is rising in a 50 bps Fed cut in September. But you've been burned too badly for the past 6 months to press the buy button."
Read more: Bitcoin Retraces Below $57K as 'Sell-on-Rise' Action Continues
免责声明:本文章仅代表作者个人观点,不代表本平台的立场和观点。本文章仅供信息分享,不构成对任何人的任何投资建议。用户与作者之间的任何争议,与本平台无关。如网页中刊载的文章或图片涉及侵权,请提供相关的权利证明和身份证明发送邮件到support@aicoin.com,本平台相关工作人员将会进行核查。
免责声明:文章中的所有内容仅代表作者的观点,与本平台无关。用户不应以本文作为投资决策的参考。
你也可能喜欢
HIPPOUSDT 现已上线合约交易和策略交易
Bitget 已于2024年11月13日(UTC+8)上线 HIPPOUSDT 合约交易,最大杠杆为75倍,合约策略交易将同步开放。 欢迎通过我们的官方网站或 Bitget APP 开始合约交易。 HIPPO U本位永续合约: 合约参数 详情 上线时间 2024年11月13日 20:20(UTC+8) 合约标的 HIPPO 结算资产 USDT 最小变动价位 0.00001 最高杠杆倍数 75x 资金费用结算频率 每八个小时 交易时间 7*24 根据市场风险状况,Bitget可能调整包括最小变动价格、最高杠杆倍数、维持保证金率等重要合约参数; 【合约】 Bitget 的合约包括:U本位合约、币
超越投机:支持加密货币的政治气候催生比特币历史性反弹
唐纳德·特朗普再次大选成功、共和党在国会取胜后,比特币的2024年新高再次从75,000美元攀升至89,000美元。支持加密货币的情绪席卷美国政坛,全球最大的加密货币——比特币正以前所未有之势吸引着散户和机构投资者的兴趣。许多人都在密切关注下一届美国政府将如何塑造数字经济。 比特币新高的政治催化剂 随着特朗普再次当选的可能性增加,比特币最新一轮涨势也拉开序幕,并在选举日(2024年11月5日)登上75,000美元。之后,比特币继续攀升,在11月10日突破80,000美元,先是创下82,000美元的历史新高,随后又在11月11日依次达到84,000美元、85,000美元、88,000美元,甚至
Fartcoin(FARTCOIN)将上线 Bitget,参与瓜分 150,000 FARTCOIN!
我们非常高兴地宣布,Fartcoin(FARTCOIN)将在创新区、Meme 区 和人工智能区上架。详情如下: 充值开放时间:已开放 交易开放时间:2024年11月13日17:00(UTC+8) 提现开放时间:2024年11月14日18:00(UTC+8) 现货交易链接:FARTCOIN/USDT 活动:CandyBomb——充值领取 FARTCOIN 空投 活动时间:2024年11月13日17:00至2024年11月20日17:00(UTC+8) 活动详情: FARTCOIN 空投总量 150,000 FARTCOIN FARTCOIN 净充值额 150,000 FARTCOIN Cand
【 BTC 理财专场】充值送价值1000 USDT 加息券,附送 BTC 理财指南
行情持续火热, Bitget 推出 BTC 理财专场,助力 BTC 持有用户获得最大持币收益。 活动时间:11月13日 15:00 - 11月23日 15:00(UTC+8) 点击报名 一、充值领加息券 活动期间,新、老用户充值 BTC ,根据净充值数量,领 BTC 理财宝大额加息券! 净充值BTC数量 领加息券 加息券价值估算 限制张数 1枚 1 BTC - 3% - 15日 100 USDT 100 3枚 3 BTC - 3% - 15日 300 USDT 50 5枚 5 BTC - 3% - 15日 500 USDT 20 10枚 10 BTC - 3% - 15日 1,000 USD