BTC is down 13% in the past week, similar to what happened after the FTX crash.
A recent report from ING showed that U.S. employment data was stronger than expected, but rising unemployment is expected to see the Federal Reserve cut interest rates in September.
ING's James Knightley writes that private sector job growth continues to be weak, with just 136,000 jobs added in June, below expectations of 160,000. Government, education and health services added nearly 60% of jobs, while retail, temporary workers, professional business services and manufacturing all saw job losses.
Citi Research has made a more aggressive forecast, writing in a recent report that it predicts the Fed will cut interest rates eight times from September 2024 to July 2025.
