🚀🚀🚀 Here's What to Do Now as #bitcoinprice Back Above $64K Again?
Bitcoin Price: $64,000
- The #cryptocurrencymarket is experiencing a correction, with Bitcoin's price dropping by nearly $1,000 in the last hour. However, it remains above the $64,000 mark, indicating that the correction may be short-term.
Federal Reserve Chairman Jerome Powell Speaks Out
- Powell stated that further cooling in labor market conditions is not needed to reach a 2% inflation target. He emphasized that "many indicators show the labor market is solid" & that disinflation has been broad-based.
- This comment sparked optimism among investors, making them more confident in alternative assets like Bitcoin.
Global Economic Developments Boost Confidence
- China's injection of 1 trillion yuan into its largest state-owned banks to stabilize the economy has led to a significant surge in the Shanghai Composite index. European markets also followed suit, adding around 1%, while US stocks were higher but slightly below their earlier highs.
Bitcoin ETFs See Increased Inflows
- The recent downturn in precious metals, including gold & silver, has led to increased interest in US-based spot Bitcoin ETFs. BlackRock's iShares Bitcoin Trust, IBIT, recorded significant inflows of almost $185 million recently.
US Job Data Looming: Market Anticipation
- Markets are on high alert as the Department of Labor is set to release job data in the United States on October 4. Wall Street economists expect nonfarm payrolls to rise 144,000, with the jobless rate seen unchanged at 4.2%.
October: A Friendly Month for Crypto
- Historical data points to October being a favorable month for Bitcoin price & other major cryptocurrencies. With US elections scheduled for this time, analysts expect increased volatility & opportunities for financial markets.
- Despite the crypto market correction, global economic developments & Fed Chair Powell's comments have boosted confidence in Bitcoin. US job data on October 4 may trigger volatility, but October historically favors crypto prices.
Source - coingape.com
