Bitcoin Price Faces Pressure Amid Fed Rate Cut Speculation and Trade Policy Uncertainty
Main Idea
Bitcoin and other cryptocurrencies faced price declines due to weak U.S. jobs data and speculation about Federal Reserve rate cuts, while new trade tariffs added further market uncertainty.
Key Points
1. Bitcoin dropped 2.1% to around $115,500 following a weaker-than-expected U.S. jobs report, with Ethereum, XRP, and Solana also experiencing losses.
2. The U.S. economy added only 73,000 jobs in July, with revised data for May and June showing a combined loss of 258,000 jobs, increasing the probability of a Fed rate cut to 78%.
3. New U.S. tariffs on imports from over 60 countries, including hikes on Canadian and Brazilian goods, added complexity to market dynamics.
4. Stock indices like the S&P 500, Nasdaq, and Dow Jones also declined, reflecting broader market uncertainty.
5. Analysts suggest that potential Fed rate cuts could increase liquidity, possibly benefiting Bitcoin and other cryptocurrencies in the longer term.
Description
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