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Where Next for the Bitcoin (BTC) Price?
Economic data released earlier on Friday revealed a larger-than-expected slowdown in the US jobs market in October, triggering downside in US bond yields and a pump in the US stock market and price of Bitcoin (BTC), which was last around $34,600.
The latest jobs report revealed that the US economy added 150,000 jobs last month, less than the expected gain of 180,000 and marking the slowest pace of job gains since early 2021.
Macro investors responded to the data by pulling back on bets that the US Federal Reserve will implement one further rate hike, as it warned was a possibility earlier in the week.
As per the CME’s Fed Watch Tool, the US money market implied probability that the Fed hikes interest rates by another 25 bps by January 2024 fell to just 10% on Friday from around 26% on Thursday.
The implied probability that the Fed will have cut interest rates by at least 100 bps by the end of 2024 jumped to around 65% from just over 40% one day ago.
The latest US jobs numbers also revealed a surprise rise in the US unemployment rate to 3.9% from 3.8% and an unexpected slow down in the MoM pace of wage growth to 0.2% from 0.3%.
Whilst at current levels in the $34,600s, BTC is up 1.5% versus earlier session lows ust above $34,000, the world’s largest cryptocurrency by market cap is still down around 0.75% on the session.
After hitting fresh yearly highs near $36,000 on Thursday, Bitcoin is succumbing to profit-taking, as short-term speculators book profit following BTC’s more than 30% pump from October lows.
That pump was primarily driven by optimism surrounding expected upcoming approvals of spot Bitcoin Exchange Traded Funds (ETFs) in the US.
Yields on 10-year US government bonds, last just above 4.5%, have fallen around 40 bps, the US Dollar Index (DXY) has weakened more than 1.5% and the S&P 500 is up over 4% since the start of the month as traders bet the peak in US interest rates is in, and easier financial conditions lay ahead.
#cryptoexpertksrawat #BinanceSquareTalks #CryptoNews🔒📰🚫 #bitcoin #crypto2023 $BTC $SOL
Economic data released earlier on Friday revealed a larger-than-expected slowdown in the US jobs market in October, triggering downside in US bond yields and a pump in the US stock market and price of Bitcoin (BTC), which was last around $34,600.
The latest jobs report revealed that the US economy added 150,000 jobs last month, less than the expected gain of 180,000 and marking the slowest pace of job gains since early 2021.
Macro investors responded to the data by pulling back on bets that the US Federal Reserve will implement one further rate hike, as it warned was a possibility earlier in the week.
As per the CME’s Fed Watch Tool, the US money market implied probability that the Fed hikes interest rates by another 25 bps by January 2024 fell to just 10% on Friday from around 26% on Thursday.
The implied probability that the Fed will have cut interest rates by at least 100 bps by the end of 2024 jumped to around 65% from just over 40% one day ago.
The latest US jobs numbers also revealed a surprise rise in the US unemployment rate to 3.9% from 3.8% and an unexpected slow down in the MoM pace of wage growth to 0.2% from 0.3%.
Whilst at current levels in the $34,600s, BTC is up 1.5% versus earlier session lows ust above $34,000, the world’s largest cryptocurrency by market cap is still down around 0.75% on the session.
After hitting fresh yearly highs near $36,000 on Thursday, Bitcoin is succumbing to profit-taking, as short-term speculators book profit following BTC’s more than 30% pump from October lows.
That pump was primarily driven by optimism surrounding expected upcoming approvals of spot Bitcoin Exchange Traded Funds (ETFs) in the US.
Yields on 10-year US government bonds, last just above 4.5%, have fallen around 40 bps, the US Dollar Index (DXY) has weakened more than 1.5% and the S&P 500 is up over 4% since the start of the month as traders bet the peak in US interest rates is in, and easier financial conditions lay ahead.
#cryptoexpertksrawat #BinanceSquareTalks #CryptoNews🔒📰🚫 #bitcoin #crypto2023 $BTC $SOL
Valkyrie Anticipates Approval of Spot Bitcoin ETF:
Valkyrie Anticipates Approval of Spot Bitcoin ETF by SEC This MonthValkyrie's chief investment officer hints at an imminent SEC decision on the spot Bitcoin ETF, potentially unlocking billions in investments. With an anticipated launch in February 2024, the market could see a substantial influx of funds.
Valkyrie Anticipates Approval of Spot Bitcoin ETF by SEC This MonthValkyrie's chief investment officer hints at an imminent SEC decision on the spot Bitcoin ETF, potentially unlocking billions in investments. With an anticipated launch in February 2024, the market could see a substantial influx of funds.
THE #BITCOIN BULL MARKET HAS STARTED OFFICIALLY?
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#BTC #cryptoexpertksrawat #cryptoexpert #link
$BTC $ETH $BNB