Key Points:
- Bitcoin Rate Debate intensifies US jobs report, igniting discussions about rate hikes.
- Federal Reserve’s interest rate projections rise to 56% post-jobs report.
Bitcoin Rate Debate intensifies, and the price shows resilience after a strong US employment report, sparking discussions on the impact of rising interest rates on the cryptocurrency market, as per Bloomberg.
Bitcoin showed resilience in the face of a stronger-than-expected US employment report. This unexpected reaction has fueled discussions about the potential impact of rising interest rates on the cryptocurrency market.
After the release of the September jobs report, Bitcoin briefly dipped by 1%, only to rebound to $27,659, registering a 0.7% increase. Concurrently, other major cryptocurrencies like Ether, Solana, and Avalanche saw gains.
The key factor driving Bitcoin’s reaction was the expectation of higher interest rates. The strong labor market suggests that the Federal Reserve may continue raising rates, which are already at a 22-year high. Market pricing now places the odds of an interest-rate hike by year’s end at 56%, up from 48% before the jobs report.
Bitcoin ended the quarter on a downswing, marking its first quarterly decline this year. Over nine weeks, concluding in mid-September, investors withdrew nearly half a billion dollars from cryptocurrency products, according to a report by CoinShares.
The Bitcoin rate debate remains a focal point for market participants as they navigate the evolving landscape of cryptocurrency investments and macroeconomic factors.
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Source: https://coincu.com/222100-bitcoin-rate-debate-amidst-strong-us-jobs-report/