US markets closed and Bitcoin price now continues to see rapid selling for deeper lows. Crypto September 6 was not a good day for currencies and most of them were painted red. BTC price is at $52,700 at the time of writing. 24-hour losses exceed 6%. US stock markets had one of their worst weeks in the last few years.
Bitcoin Price Dropped
The most important event of the day is Bitcoin (BTC) $55,763.36 The sharp decline in the price. Despite the positive US data, stock markets experienced a voluminous sell-off. The expectation of a Fed rate cut fell sharply from 50bp to 25bp after the stock market opened. Investors are revising their expectations down, even though employment data points to the possibility of further increases. 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!
Fed It has been keeping interest rates at their peak for over a year and the first interest rate cut in 4 years will be made in 11 days. Although we have seen rapid losses in risk markets in the past when the Fed has cut interest rates, we know that this is a supportive factor for an increase in the medium term.
The biggest risk here that will disrupt the medium-term scenario is the Bank of Japan increasing interest rates further. If we see this continue with the increase that came after 20 years, we could literally experience the worst day of recent years for risk markets.
Analysts He thinks that the BTC price may soften further due to reasons such as lack of demand at resistance levels and multiple tests of supports. This means that new 2024 lows will be seen in altcoins.
Quick Summary of the Day
- BTC has dropped to as low as $52,650 at the time of writing.
- NASDAQ100 suffered its biggest weekly loss since November 2022.
- Ripple
$0.535633Founder of ‘s Chris Larsen donated to Kamala Harris. - Coinbase has added ZK Coin to its listing roadmap.
- Fed/Goolsbee: There is broad agreement that the Fed will cut interest rates more than once.
- SEC, crypto- The lender announced that it has revoked the certificate of Salt Blockchain.
- Markets are giving more probability to 25bp cut option. After US data, 50bp cut probability had increased to 59% and now it has decreased to 43. (Change occurred 10 minutes after US markets opened)
- Binance NEIROETH listed on futures.
- Fed’s Williams: Ready to start the rate cut process.
- Nonfarm Payrolls Announced: 142K Expected: 165K Previous: 114K
- Telegram CEO Pavel Durov said in a new message that the platform is under investigation in Paris for abuse, while promising to increase security.
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.
