Bitfinex: Additional Correction in BTC Price Hinges on US Nonfarm Payroll Data

IconCryptoNewsTerminal Staff04 Jul, 2024

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Bitfinex: Additional Correction in BTC Price Hinges on US Nonfarm Payroll Data

According to a recent statement by Zane Cutter, the head of derivatives at Bitfinex, the cryptocurrency market is closely monitoring the upcoming U.S. Nonfarm Payroll (NFP) data, set to be released on Friday at 07:30 p.m. (Korean Time). Cutter highlighted that the NFP figure could significantly impact the price of Bitcoin (BTC), potentially leading to a wider correction. If the NFP data falls short of expectations, indicating a lower-than-projected increase in job creation, it could bolster expectations for a potential interest rate cut by the U.S. Federal Reserve. This, in turn, could stabilize BTC's price. Conversely, a stronger-than-expected NFP report could dampen expectations for a rate cut, potentially pushing BTC prices even lower. Cutter's analysis underscores the sensitivity of the cryptocurrency market to macroeconomic factors, particularly those related to interest rates and economic growth. Traders and investors will be closely watching the NFP data release to gauge its potential impact on BTC and the broader cryptocurrency landscape.

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