Bitcoin price drops by 2% due to increasing bets on Fed rate hike following US jobs data

By Coinan Porter Oct 6, 202372Views

, , ,

Bitcoin (BTC) experienced a sudden retest of $27,000 as the US employment data caused market volatility. The unexpected increase in US non-farm payrolls for September, almost double the expected number, demonstrated the labor market’s resilience to the Federal Reserve’s counterinflation measures. However, this result was viewed as negative for risk assets, including cryptocurrency. Traders speculated that this data increased the likelihood of another interest rate hike from the Fed at the November meeting. The Consumer Price Index (CPI) will provide further insight into Fed policy. Market projections suggest that pressure is now on both markets and the Fed itself, with futures falling significantly after the report. Bitcoin also saw a decline in open interest, returning to more average levels.

Read Disclaimer

This content is aimed at sharing knowledge, it's not a direct proposal to transact, nor a prompt to engage in offers. Lolacoin.org doesn't provide expert advice regarding finance, tax, or legal matters. Caveat emptor applies when you utilize any products, services, or materials described in this post. In every interpretation of the law, either directly or by virtue of any negligence, neither our team nor the poster bears responsibility for any detriment or loss resulting. Dive into the details on Critical Disclaimers and Risk Disclosures.

Tags:

Coinan Porter

Coinan Porter stands as a notable crypto analyst, accomplished researcher, and adept editor, carving a significant niche in the realm of cryptocurrency. As a skilled crypto analyst and researcher, Coinan's insights delve deep into the intricacies of digital assets, resonating with a wide audience. His analytical prowess is complemented by his editorial finesse, allowing him to transform complex crypto information into digestible formats. Coinan's contributions serve as a valuable resource for both seasoned enthusiasts and newcomers, guiding them through the dynamic landscape of cryptocurrencies with well-researched perspectives. With meticulous attention to detail, he empowers informed decision-making in the ever-evolving crypto sphere.