Bitcoin shrank sideways around 60,000 US dollars throughout the day. As the number of Americans filing initial jobless claims last week reached an 11-month low on Thursday, expectations surrounding the job market and the U.S. economic recession are gradually fading, which has also allowed Wall Street breathed a sigh of relief, boosting the U.S. stock market and the crypto market. Bitcoin once pulled to $62,570. However, most economists expected that the Federal Reserve would not significantly cut interest rates in September. This is consistent with Expectations from major Wall Street banks are conflicting.
Economists believe that the Federal Reserve will gradually start cutting interest rates. Ryan Sweet, chief U.S. economist at the Oxford Institute of Economists, said that calls for significant interest rate cuts are "overdone and a knee-jerk reaction." "Historically, when there is a clear negative economic shock or the data is worse than before, the Federal Open Market Committee (FOMC) will cut interest rates by more than 25 basis points between meetings."
Today's trend of Bitcoin and Ethereum is completely in a state of recovery of indicators that cannot increase the volume. Especially Bitcoin can stand firm at 60,000 US dollars. The trend of Ethereum is significantly stronger than that of Bitcoin, maintaining above 2,600 US dollars. Today's gain list The top currencies are also switched frequently. For example, if you go to Stud for some altcoins that are at the top of the growth list, I think you should think twice because their removal from the shelves at any time will plague the trend of altcoins.
#BTCTrendAnalysis#Whenwill the Federal Reserve cut interest rates? #cryptomarketsrebound