It is worth mentioning that the July job reports (the lowest job additions over the last two years) and the Yen carry trade were responsible for the August 5 market crash, which caused Bitcoin to drop below $50,000. Interestingly, Arthur Hayes, the co-founder of the BitMEX crypto exchange, stated that he expects Bitcoin to drop below $50,000 this weekend, revealing that he had opened a short position. A Rate Cut Looking More Unlikely For a while now, the crypto market has been anticipating that the Fed will cut interest rates at its next FOMC meeting, which will be held between September 17 and 18.
NewsBTC reported that Bitcoin had suffered a price crash earlier in the week due to the markets still feeling the effects of the Yen carry trade and following significant volatility in the US stock market, with over $1.05 million being wiped out on September 3. Macroeconomic factors remain primarily responsible for Bitcoin’s recent bearish price action and the broader crypto market, especially with a rate cut from the US Federal Reserve still in the balance.
The Fed might no longer be in a hurry to cut rates since the situation in the labor market isn’t as bad as it was initially feared following the release of the July jobs report. Related Reading: Aptos (APT) Dips 15% As New Innovations Fail To Spark Momentum Whatever happens, crypto analysts like CryptoCon are confident that the worst is almost over for Bitcoin.
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