Although the market's confidence in the Federal Reserve's interest rate cut in September has increased, the cryptocurrency market is still sluggish. After a brief rebound after Bitcoin fell below $58,000 yesterday, it plunged again after 6 o'clock this morning, hitting a low of $57,116.
Before the deadline, it rebounded slightly to US$57,458, a drop of more than 2.36% in the past 24 hours, the lowest in two weeks.
BTC Price Trend
Ethereum briefly fell below $2,400
The trend of Ethereum also plummeted this morning, with its price falling as low as $2,398 since 7:00 this morning. It was currently trading at US$2,445 at the time of writing, down 2.43% in the past 24 hours.
ETH Price Trend
The entire network was liquidated to US$165 million in the past 24 hours
With Bitcoin once again falling below the previous low trend, according to Coinglass data, in the past 24 hours, the liquidation amount of cryptocurrency contracts across the entire network reached 165 million U.S. dollars, of which 140 million U.S. dollars in long positions accounted for the bulk, and a total of more than 61,000 people were affected. liquidation.
Cryptocurrency contract liquidation amount across the entire network｜Source: Coinglass
Key economic events this week
U.S. non-farm employment data for August
The Federal Reserve is expected to release August non-farm employment data on the evening of September 6, which will be the last labor market report released before the September Federal Reserve FOMC meeting. Chairman Jerome Powell said at the central bank's annual meeting in August that if the data is as expected, it would imply that interest rates will be lowered starting in September.If the data released shows that the job market continues to cool, this will not only ease price pressures, but also support the Federal Reserve's action to cut interest rates. There is a high probability that the Bank of Canada will cut interest rates for the third consecutive time . The Bank of Canada will announce an interest rate decision this week. Overnight index swaps (OIS) indicate that the probability of a third consecutive one-digit rate cut is very high. At its July meeting, the Bank of Canada announced its second consecutive interest rate cut. The jobs report showed an increase in the number of unemployed people in July compared with June, and most importantly, inflation continued to trend downward.
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