 ▲ Bitcoin (BTC), Ethereum (ETH) |
Cryptocurrency leader Bitcoin (BTC) is trading in the $69,000 range as of the 10th (Korean time).
Bitcoin, which was above the $71,000 level, once fell to the $68,000 level due to the influence of the U.S. job market indicator announced on the 7th (local time).
Ethereum (ETH), the second-largest coin by market cap, is also barely maintaining the $3,600 support level.
In the cryptocurrency market, it is interpreted that downward pressure on the index has increased as expectations of an interest rate cut have sharply retreated due to the stronger-than-expected May employment index in the United States.
According to CoinDesk, Presto Research, a subsidiary of algorithmic trading company Presto, held a market briefing on macroeconomic events such as the announcement of the May US Consumer Price Index (CPI) on the 12th, the US interest rate decision on the 13th, and US Treasury Secretary Janet Yellen's speech on the 14th. “Ahead of this, volatility in the cryptocurrency market will increase,” he predicted.
In relation to this, Michaël van de Poppe, a cryptocurrency analyst with about 720,000 X followers, said, “It is common to take a conservative approach in the week leading up to the US Consumer Price Index (CPI).”
Meanwhile, QCP Capital, a Singapore-based cryptocurrency trading company, said, “A good buying opportunity has emerged as the U.S. non-farm employment indicator exceeded market expectations and BTC and ETH showed relative weakness.”
He continued, “It will be difficult for the United States not to consider lowering interest rates in a situation where other countries such as Canada and the European Union (EU) are cutting interest rates. If the Federal Reserve cuts interest rates at least once in the future, the market will also rebound.” analyzed.
Arthur Hayes, founder of BitMEX, also recently predicted on his blog, “The interest rate cut fireworks launched by Canada and the European Central Bank will soon have a positive impact on cryptocurrency.”
