Considering recent data of job markets, Citi analysts expect that the next meeting of the US Federal Reserve will bring a 50 bps rate cut. , The non-farm payroll employment for the month of August is expected to increase by 125,000 while the unemployment rate will be at 4%. 3%.
This news comes after CNF’s report on a possible Bitcoin bearish turn with three altcoins suggested to be held. The expected rate cut will involve discourses of a pump in the prices of Bitcoin and other altcoins, since interest rate cuts compel risk-on sentiment from investors.
Potential Benefits Of Cutting Interest Rates: A Way To Boost Crypto In A Changed Environment
These are true because lower interest rates significantly enhance the market mood as it makes investors willing or ready to take some risks by investing on the cryptocurrencies. As the Federal Reserve may continue by loosening the monetary policy, many people in the markets are anticipating a positive scenario for cryptocurrencies.
However, historical data shows that Bitcoin itself had a poor September over the years, but when looking at recent trends and on-chain analytics, it seems that this is not going to be the case. This may petrol better than anticipated trading results for Bitcoin in the next few weeks.
Market Movements
Other market news that may be related to changes in yields include the US 10-year Bond Yield which fell by 1. 94%, settling at 3. 836%. On the same note, the Ethereum lost 1% of its price. 7% to $2,463. Such an economic report might also pressure the Fed to reduce its approach toward monetary policy to foster an embrace of the labor market’s decline.
As of now, Altcoin has circulating supply of 123,175 ALT out of maximum total supply which is 134,063 ALT. BTC is $57,886 today. 61, down 2. 3% in the past 24 hours, while other countries’ death rates have declined 08% and 2. 22% in the last one week according to today’s trend.
