One of the important Bitcoin crypto investment companies in the Asian region QCP Capitalreported that there has been a significant change in the US employment market. Following the data, expectations for the US Federal Reserve (Fed) to cut interest rates by more than 25 basis points have strengthened. cryptocurrency market moved upwards.
Expectations for a Rate Cut of Over 25 Basis Points Reinforce
Announced yesterday US Job Postings and Labor Turnover Survey (JOLTS) dropped to the lowest level since January 2021, while layoffs rose to the highest level since March 2023. This latest data from the US labor market has increased the probability that the Fed will cut interest rates by 50 basis points in September to 50%, reinforcing market expectations that a rate cut of more than 25 basis points will be made. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
CME FedWatch According to the tool, there is currently a 59 percent chance that the Fed will cut interest rates by 25 basis points on September 18, while there is a 41 percent chance that it will cut interest rates by 50 basis points.
Following these developments Bitcoin (BTC) rose above $58,500 during the US trading session, while Ethereum (ETH) approached $2,500. However, both cryptocurrencies fell during Asian trading hours, with Bitcoin currently trading at $57,164 and Ethereum at $2,412. Despite this price volatility, QCP Capital noted that overnight outflows from spot Bitcoin ETFs were the lowest in the last six trading days, totaling $37.5 million in outflows.
Market-Wide Volatility Expected to Be High
On the other hand, this week, Bitcoin’s front-end volatility remained high, with its volatility index increasing by 6 percent from its weekly low.
QCP Capital, last Volatility Market Indicator Considering the (VMI) signals, he predicts that market sentiment continues to be affected by data flows from the US economy and speculations about the Fed’s monetary policy decisions, and that market-wide volatility will remain at high levels.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
