tl;dr
Mt. Gox triggering panic selloff with $10 billion in BTC and BCH repayments leads to Bitcoin price briefly falling below $54,000. Nonfarm payrolls and unemployment data show a rebound in BTC price as U.S. job growth slows, suggesting potential for more rate cuts by the Federal Reserve. U.S. adds 206...
Mount Gox triggering panic selloff with $10 billion in BTC and BCH repayments leads to Bitcoin price briefly falling below $54,000.
Nonfarm payrolls and unemployment data show a rebound in BTC price as U.S. job growth slows, suggesting potential for more rate cuts by the Federal Reserve.
U.S. adds 206k jobs in June, below market estimates, with an increased unemployment rate of 4.1%. Average hourly earnings rise by 0.3% to $35. Job gains reported in government, health care, social assistance, and construction.
Inflation and labor market slowing, leading to a probable 25 bps rate cut in September, as per the CME FedWatch Tool.
Wall Street giants anticipate inflation cooling, with Fed rate cut expected in September. BTC price rebounds to $56,443 after jobs data, with increased trading volume and futures.
The US dollar index dropping, BTC price rebounds to $56,443 with increased trading volume.
The latest nonfarm payrolls and unemployment data by the U.S. Bureau of Labor Statistics have brought a rebound in BTC price, as the jobs growth slows.
The US added 206k jobs in June against market estimates of 190k, declining from the 272k nonfarm payrolls added in May. The unemployment rate increased to 4.1% against market expectations of 4%. Average hourly earnings for all employees on US private nonfarm payrolls increased by 0.3% to $35 in June.
According to the U.S. Bureau of Labor Statistics, job gains occurred in government, health care, social assistance, and construction. The Fed’s preferred gauge to measure inflation dropped recently. The headline PCE inflation rate slowed to 2.6% from 2.7%, which came in line with market estimates. The annual core PCE inflation also dropped as expected to 2.6% from 2.8%.
With inflation and labor market slowing, the CME FedWatch Tool now indicates the probability of a 25 bps rate cut in September. The Federal Reserve Bank of New York President John Williams said the cooling inflation is good news, but the uncertainty remains as inflation is still above the target rate. However market analysts opine the current trajectory will see earlier rate cuts.
Wall Street giants such as JPMorgan, Goldman Sachs, and Morgan Stanley anticipate inflation to cool, with the Fed rate cut starting in September.
The US dollar index (DXY) is dropping rapidly after the recent highs, with current reading at 104.88 after jobs data. Moreover, the US 10-year Treasury yield has also dropped below 4.29% after the jobs data came in favor of the markets. BTC price rebounded to $56,443 as investors are positive about rate cuts coming sooner.
The 24-hour low and high are $53,717 and $58,727, respectively. Furthermore, the trading volume has increased by 45% as whales and other investors liquidated massively in the last 24 hours. In the derivatives market, BTC futures increased by 0.41% in the last 4 hours, with trading in the last hour remain mixed across crypto exchanges. Buying was recorded on Coinbase.
More about United States Steel Corporation
Company: United States Steel Corporation
Business Focus: Manufacturing, Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)
Headquarters: Pittsburgh, Pennsylvania
Revenue: $8,757,907,000
Stock Price: $11.26
Price Change: $0.2
Price Change (%): 3.46%
Relative Strength Index (RSI): 79.23
Bollinger Bands: 0.0489
Market Cap: $17,743,000,000
50-Day Moving Average: $38.25
50-Day Moving Average Change: -$0.129
200-Day Moving Average Change: -$0.069
More about ZEEKR Intelligent Technology Holding Limited
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ZEEKR Intelligent Technology Holding Limited, an investment holding company, engages in the research and development, production, commercialization, and sale of electric vehicles and batteries.
Sector: Technology
Industry: General
Market Cap: 4.38B
Dividend Yield: None
Beta (5Y Monthly): -4.43
Price: 288.94
EPS: -0.138
Volume: 57,788,961,000
PE Ratio: 34.73
Forward Dividend & Yield: 0 (0.71%)
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