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Bitcoin (BTC) Drops Below $69,000 Amid Strong US Employment Data and Interest Rate Concerns. A major factor that started this market decline was the release of the US Employment Situation Summary for June. Data showed employment rose to 272,000 in May, beating market expectations. However, the unemployment rate rose slightly from 3.9% to 4.0%, sending mixed economic signals between a strong labor market and rising unemployment. According to analysis by Markus Thielen from 10x Research, employment numbers alone do not fully explain the sharp decline in #Bitcoin observed on June 7. Rising Non-Farm Employment (NFP) figures also indicate a vibrant labor market. Such conditions often provide room for the Federal Reserve to raise interest rates to curb inflation, which strengthens the U.S. dollar. A strong dollar reduces the attractiveness of risky assets like cryptocurrencies, causing their prices to drop. The strengthening US Dollar Index (DXY) mirrored this trend, with investors pulling out of cryptocurrencies amid possible interest rate hikes and a strengthening US dollar. Forecasts suggest that weaker employment data could prompt lower interest rates, which could push #Bitcoin to new highs. Markus Thielen suggests that Bitcoin could reach unprecedented levels if upcoming #CPI reports show inflation rates at or below 3.3%. As investors monitor these economic signals, future announcements and economic updates by the central bank will be critical. These factors will provide a more in-depth look at market movements and guide investors to make informed decisions in a dynamic environment. The recent decline in the cryptocurrency market has been greatly influenced by economic indicators and possible interest rate adjustments. Investors should monitor these factors closely to understand market dynamics. While cryptocurrency investments are inherently volatile, staying informed and strategically assessing economic conditions can help navigate this challenging market. $BTC

Bitcoin (BTC) Drops Below $69,000 Amid Strong US Employment Data and Interest Rate Concerns.

A major factor that started this market decline was the release of the US Employment Situation Summary for June. Data showed employment rose to 272,000 in May, beating market expectations. However, the unemployment rate rose slightly from 3.9% to 4.0%, sending mixed economic signals between a strong labor market and rising unemployment. According to analysis by Markus Thielen from 10x Research, employment numbers alone do not fully explain the sharp decline in #Bitcoin observed on June 7.

Rising Non-Farm Employment (NFP) figures also indicate a vibrant labor market. Such conditions often provide room for the Federal Reserve to raise interest rates to curb inflation, which strengthens the U.S. dollar. A strong dollar reduces the attractiveness of risky assets like cryptocurrencies, causing their prices to drop. The strengthening US Dollar Index (DXY) mirrored this trend, with investors pulling out of cryptocurrencies amid possible interest rate hikes and a strengthening US dollar.

Forecasts suggest that weaker employment data could prompt lower interest rates, which could push #Bitcoin to new highs. Markus Thielen suggests that Bitcoin could reach unprecedented levels if upcoming #CPI reports show inflation rates at or below 3.3%. As investors monitor these economic signals, future announcements and economic updates by the central bank will be critical. These factors will provide a more in-depth look at market movements and guide investors to make informed decisions in a dynamic environment.

The recent decline in the cryptocurrency market has been greatly influenced by economic indicators and possible interest rate adjustments. Investors should monitor these factors closely to understand market dynamics. While cryptocurrency investments are inherently volatile, staying informed and strategically assessing economic conditions can help navigate this challenging market.
$BTC

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These Events Will Be Followed in Bitcoin and Altcoins Next Week! We have come to the end of another week in the cryptocurrency market. The chaotic process for the crypto industry still continues. Events that will take place next week and future economic data may affect the price movements of crypto assets. Here is the list of important developments that Bitcoin ($BTC ) and altcoin investors should follow closely next week: Monday, June 17: * #Binance will delist 4 altcoins named OMG, WAVES, WNXM and XEM. * Ethena (#ENA ) will make a tokenomic update. * ECB President Lagarde will make a speech. * The altcoin named Vanarchain (VANRY) is expected to publish a partnership announcement. * In Chiliz ($CHZ ), Dragon8 hard fork will take place. * FOMC members Williams and Harker will talk about inflation and interest rates in the USA. Tuesday, June 18: * European Region Annual Inflation Rate (#CPI ) will be announced. * FOMC members will hold a meeting and more than five FED officials will speak. Wednesday, June 19: * The financial market in the USA will be closed for Juneteenth. Thursday, June 20: * Unemployment Benefit Applications data in the USA will be announced. * The Governor of the Bank of England (BoE) will share the Inflation Report. * There will be a hard fork in the altcoin named Harmony Protocol (ONE). * $NOT and #BOME will be available for trading on Coinbase futures, while LISTA will be available for trading on the Binance spot market. Friday, June 21: * The US Federal Reserve (FED) monetary policy report will be published.
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Bitcoin (BTC) Statement from BlackRock Official. The highly anticipated Bitcoin exchange-traded funds (ETFs), which launched in January, have seen slow but steady adoption among financial advisors, according to Samara Cohen, BlackRock's Chief Investment Officer of ETFs and Index Investments. Speaking at the Coinbase State of Crypto Summit in New York, Cohen explained that approximately 80% of #Bitcoin ETF purchases are made by self-directed investors, likely through online brokerage accounts. iShares Bitcoin Trust (IBIT) was among the funds launched earlier this year. Cohen noted that hedge funds and brokerage firms were also active buyers, as evidenced by 13-F filings in the last quarter. However, registered investment advisors have become more cautious in their approach. “I would call them cautious…that's their job,” Cohen said of skeptical financial advisors. “An investment advisor is trustworthy to his clients. This is an asset class that has had 90% price volatility at times in history, and their job is really to build portfolios, do risk analysis and due diligence. That's what they're doing right now.” Cohen stated that this moment is important in terms of presenting key data, risk analysis and determining the role Bitcoin can play in a portfolio: “That's what an advisor is supposed to do, so I think this journey we're on is exactly the right journey and they're doing their job. ” Cohen sees #Bitcoin ETFs as a bridge between crypto and traditional finance, especially for investors who want to allocate their risk to $BTC without having to manage their risk across two different ecosystems. He noted that prior to the launch of ETFs, existing bridges to crypto were inadequate for some investors' needs.
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Michael Saylor Predicts Bitcoin Could Skyrocket to $8 Million Per Coin. Michael Saylor talked about his colorful journey with Bitcoin in his speech at the Prague event; He talked about his initial skepticism and eventual adoption. He admitted that when he first came across Bitcoin in 2013, he associated it only with online betting and therefore initially rejected Bitcoin. As a result, Saylor missed the opportunity when Bitcoin was around $892 and eventually bought #Bitcoin at $9,500. “I bought it for the price I deserved,” he said. Since then, Saylor has become a strong advocate for Bitcoin, calling it “digital gold” and emphasizing its independence from central authorities. Saylor noted that although Bitcoin has gained significant value over the years, skepticism remains. Talking about a hypothetical scenario in which Bitcoin reaches $950,000, he stated that there are still those who expect it to fall and that they will miss this opportunity when #Bitcoin potentially rises to $8 million. Some may find Saylor's estimate of $8 million per Bitcoin too ambitious, but he and many other analysts argue that this can be achieved through exponential growth. Considering Bitcoin's current trading price is around $66,000, reaching a valuation of $8 million would represent an increase of almost 12,000% from the current level. This would require Bitcoin's market cap to increase approximately 150-fold to $168 trillion. Michael Saylor's prediction that Bitcoin could potentially reach $8 million is a matter for much consideration in the crypto community. While this figure may seem astronomical, it highlights Bitcoin's exponential growth potential fueled by wider mainstream and institutional adoption. Bitcoin's journey remains worth watching as companies like #Saylor and #MicroStrategy continue to invest and ambitious goals push the limits of what's possible. $BTC
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