The release of better-than-expected non-farm payrolls data on Friday boosted investor confidence in the U.S. economic outlook. The Dow Jones once again reached a record high, the S&P 500 closed up 0.9%, and the Nasdaq rose 1.22%. Bitcoin also rose slowly yesterday, returning to 62K from the previous day's low of 59,828.
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ToggleNon-farm payrolls are good, the market expects only a one-point interest rate cut in November
Nonfarm employment increased by 254,000 in September, significantly exceeding expectations of 150,000. The unemployment rate also fell to 4.1% in September from 4.2% in the previous month, hitting a three-month low.
The report pointed out that the economy is solid, but also sent a signal to the market that the Federal Reserve is more likely to cut interest rates by a smaller margin in the future. The CME Group's FedWatch tool shows that traders now expect the probability of just one rate cut in November to rise to 97.4%, much higher than the 67.9% the day before.
"Wall Street Journal" reporter Nick Timiraos , known as the "Fed's mouthpiece", said after the data was released that this non-agricultural report may put Fed officials on the road to cutting interest rates by 25 basis points and eliminate the possibility of the November Fed meeting. Lots of drama from the meeting.
U.S. stocks celebrated on Friday (10/4) as the Dow Jones once again reached a new all-time high, the S&P 500 closed up 0.9%, and the Nasdaq rose 1.22%.
Bitcoin returns to 62K
Bitcoin also rose slowly yesterday, returning to 62K from the previous day's low of 59,828.
The 10x Research report states that the price of Bitcoin has undergone a major correction since March, mainly due to massive selling by whales and massive token unlocks that flooded the total market supply of Altcoin, but from “stablecoins, Bitcoin Strong inflows into spot ETFs and increased futures leverage prevented further price declines. Founder Markus Thielen is still very optimistic about the future.
U.S. economic growth is picking up, the Federal Reserve continues to cut interest rates due to falling inflation, and U.S. corporate profits remain strong. These factors will have a major impact on Bitcoin.
Whether Bitcoin can regain its neckline position of 66K in the short term is still an important price to observe.
