Bitfinex Executive Points to Bitcoin’s Path Tomorrow! “US Data to Shape BTC’s Future!”
Bitfinex’s derivatives head, Jag Kooner, emphasized the upcoming impact of US non-farm payroll data on Bitcoin’s trajectory.
Author:
Elif Azra Güven
04.07.2024 – 20:58
Update:
5 seconds ago
0
Following a significant Bitcoin downturn to $56,700 earlier today, the cryptocurrency has since rebounded, surging past $58,000 in recent hours.
While hopeful investors anticipate further recovery, Bitfinex’s Jag Kooner highlighted the pivotal role of tomorrow’s US non-farm payroll report in shaping Bitcoin’s price trends.
Kooner remarked, “Depending on tomorrow’s US employment data, Bitcoin could either rise, stabilize, or face a deeper correction.”
He outlined two potential scenarios based on the NFP figures:
“In a scenario where job growth falls short of expectations, market sentiment may favor alternative assets amidst prospects of relaxed monetary policies, thereby boosting Bitcoin prices.”
“In contrast, stronger-than-expected income growth and job market resilience could dampen expectations for rate cuts, exerting downward pressure on Bitcoin.”
Lastly, Kooner noted that the Federal Reserve’s cautious stance on interest rate cuts, as hinted in their meeting minutes, suggests a need for more precise economic indicators. This cautious approach could potentially stabilize Bitcoin prices, even in the face of modest declines.
Kooner added, “The Fed’s reluctance to rush into rate cuts signals confidence in moderating inflation. However, they remain vigilant, awaiting further signs of sustained decline before adjusting rates.”
*This article does not constitute financial advice.
For trading over 300 cryptocurrencies, take advantage of a 20% COMMISSION DISCOUNT by registering on Binance through this link!
Follow us on
Telegram
and
Twitter
for exclusive news, analysis, and on-chain insights!