QCP Capital: US Employment Data Could Boost Bitcoin's Momentum
CryptoNewsTerminal Staff04 Jun, 2024
QCP Capital: US Employment Data Could Boost Bitcoin's Momentum
QCP Capital, a Singapore-based cryptocurrency trading firm, believes that the upcoming US non-farm payroll data for May could have a positive impact on Bitcoin's price. According to a message posted on the firm's official Telegram channel, "The US non-farm payroll data for May, due on June 7 (local time), could bolster Bitcoin's bullish momentum." QCP Capital noted that the market is currently pricing in a 0% chance of a Federal Reserve rate cut in June or July, but that could change depending on the May jobs report. A strong jobs report could reduce the likelihood of a rate cut, which could be seen as positive for Bitcoin. It's important to note that the cryptocurrency market is highly volatile and can be influenced by a variety of factors. As such, it's important to do your own research before making any investment decisions.
