The price of The Labor Department Immediately following the report’s release, Bitcoin Federal Reserve Chairman Jerome Powell “Job growth was remarkably strong in May,” Grayscale’s Head of Research Zach Pandl told Still, Pandl believes that the Fed will cut rates in the intermediate term, following a loosening of monetary policy from the Still, the market sees a 50% chance that the Fed cuts rates in September, which would likely accelerate economic growth through reduced borrowing costs.Higher interest rates typically weigh on the value of so-called risk assets, including stocks and crypto, as the payouts for holding cash or U.S. Treasuries become relatively more attractive. Despite the report’s implications or the Fed’s potential delay to cutting rates, Pandl believes “Bitcoin will retest its all-time high in the coming months.”Bitcoins price reaction to the higher than expected Non Farm Payrolls (NFPs) were negative – it has become highly sensitive to interest rate expectations. pic.twitter.com/bAVDKusyzO— James Butterfill (@jbutterfill) June 7, 2024Meanwhile, CoinShares Head of Research James Butterfill said on Twitter (aka X) that Bitcoin “has become highly sensitive to interest rate expectations.” In 2022, macroeconomic data—and associated jitters—could send Bitcoin swinging around 10% in any direction on a Shifting expectations on rate cuts in April Edited by Andrew Hayward
