📈 Bitcoin reacted to U.S. employment data, with prices plunging more than 7% at one point
The U.S. employment report was released on Friday. The unemployment rate dropped from 4.3% in July to 4.2% in August. This is good news. However, the number of new jobs did not meet expectations, with only 142,000 jobs, fewer than the 160,000 expected.
This data has led many people to speculate that the Fed may cut interest rates at its meeting in late September, as Fed Chairman Jerome Powell has previously hinted. At the same time, according to market estimates, the rate cut is expected to be 25 basis points.
Bitcoin reacted quickly to the news, with the price once falling from $57,500 to below $53,000, a drop of more than 7% at one time, which also shows Bitcoin's sensitivity to U.S. economic data.
🤔 Opinion:
The U.S. employment report and unemployment rate are important indicators of global financial markets, and they also have a significant impact on cryptocurrencies such as Bitcoin. These data not only reveal the current status of the U.S. economy, but may also influence the Federal Reserve's monetary policy, thereby affecting investor decision-making and market trends.
However, while the Fed's policy changes may affect market liquidity and risk asset performance in the short term, long-term trends are more dependent on the fundamental drivers of the cryptocurrency market. Therefore, investors need to pay close attention to economic indicators, market sentiment, and technical analysis to make informed investment choices.
💬 What do you think about this employment report and the volatility in Bitcoin prices? How many basis points do you think the Federal Reserve will cut interest rates after the FOMC meeting on September 18? Share your views in the comments section!
