Bitcoin’s Stability Unlikely to be Impacted Significantly by US Payroll and Unemployment Reports, Analysts Suggest
Bitcoin is facing potential challenges from U.S. payroll and unemployment reports, but recent market movements have been more impactful. A significant event that caused market turbulence was the transfer of $2.7 billion worth of BTC out of a cold storage wallet by the Mt. Gox trustee, even though creditor repayments have not yet begun. This movement has led to investor concerns.
Following this event, the Bitcoin price dropped below $55,000 during Asia trading hours but has since rebounded slightly to trade above $55,400. Despite the recovery, the price remains 3.8% lower than the previous day.
While the U.S. economic reports may not have a major impact on the markets, analysts suggest that the focus should be on the Federal Reserve’s new monetary policy report, set to be released after the Bureau of Labor Statistics’ data. Investors are closely watching indicators like the Core Price Index and Personal Consumption Expenditures for insights into inflation and monetary policy decisions.
Regarding Bitcoin ETFs, there has been limited interest, with investors not actively buying the dip during market corrections. However, if economic uncertainty leads to expectations of future rate cuts by the Fed, Bitcoin could become more appealing as an inflation hedge.
The upcoming U.S. economic reports may not trigger significant market movements, but any insights from the Federal Reserve’s monetary policy report could influence investor sentiment. The focus remains on inflation indicators and how they align with the Fed’s stance on monetary policy.
