Expectations of a Fed rate cut are rising, and Bitcoin may hit an all-time high this week!

The slowdown in the U.S. labor market and signs of a cooling economy have made investors increasingly optimistic about the possibility that the Federal Reserve may cut interest rates in September, which was particularly evident in Wednesday's trading.

According to data released by ADP, private employment growth slowed to 152,000 last month, lower than the expected 173,000. These data indicate that the U.S. labor market may still be weak, which may provide some support for the Fed's rate cut.

At the same time, the benchmark 10-year U.S. Treasury yield also fell. According to the FedWatch tool of the Chicago Mercantile Exchange (CME), about 65% of traders expect the Federal Reserve to lower its benchmark interest rate at its September meeting, while just a week ago, the proportion was less than 50%.

In terms of the stock market, U.S. stocks are still setting new highs. Nvidia (NVDA.O)'s market value has exceeded $3 trillion, becoming the third company to reach this milestone after Apple (AAPL) and Microsoft (MSFT). Nvidia even surpassed Apple to become the second largest company in the world by market value. The S&P 500 and Nasdaq also hit new all-time highs, up 1.18% and 1.96%, respectively, while the Dow Jones gained 0.25%.

In the crypto space, Bitcoin (BTC) rose from a low of $70,183 to a high of $71,814, with an intraday volatility of 2.35%. The price then retreated to support near $71,000.

Bitcoin's recent upward momentum has boosted the performance of the altcoin market, with about 85% of the top 200 tokens by market cap rising on Wednesday.

Echelon Prime (PRIME) rose 10.45%; GMX (GMX) also performed well, rising 10.3%.

However, some tokens did not perform well, with Notcoin (NOT) suffering the most losses, falling 10.4%; Core (CORE) slipping 4.6%; and JasmyCoin (JASMY) also falling 4.2%.

Overall, the rise of Bitcoin has brought positive impacts to the altcoin market. Most tokens have risen, but the market is still volatile and some tokens have fallen.

To learn more about the relevant knowledge and layout strategies of the currency circle, click on the avatar to follow Youyou Jianjie, which publishes market analysis and recommends high-quality potential currencies every day

#第55期新币挖矿IO #5月非农数据即将公布 #山寨季何时到来？