Bitcoin News
By Dan Saada
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What Analysts Said About the Jobs Print. Ryan Lee at Bitget Research said the jobs report would carry real weight for the Fed's upcoming…
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Coldcard Exploit and Corporate BTC Sales Barely Moved the Needle. Two things that might have rattled the market didn't.
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What Comes Next for Bitcoin. The Fed's September meeting is the next hard date on the calendar.
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Bitcoin jumped to $65,340 on Friday, its highest point in August, right as Wall Street was digesting a jobs report that basically flipped Fed rate expectations on their head.
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The Bureau of Labor Statistics said the US economy shed 23,000 jobs in July. Unemployment held at 4.1%, unchanged.
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Before the jobs numbers dropped, traders were pricing in a 0.25% rate hike at the September Fed meeting. After?
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Ryan Lee at Bitget Research said the jobs report would carry real weight for the Fed's upcoming decisions, especially with the Jackson Hole economic symposium approaching at the…
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Fabian Dori, CIO at Sygnum Bank, put it carefully. A moderate slowdown, he said, could actually help ease liquidity concerns — that's the soft-landing scenario traders want.
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QCP Capital's latest market note described Bitcoin's situation as lacking clear direction despite showing resilience. Not a ringing endorsement, but not a bearish call either.
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Read also: Bitcoin Breaks $65,000 but $69,000 Wall Holds as Jobs Data Looms
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Two things that might have rattled the market didn't. The Coldcard wallet exploit — a security incident that surfaced recently — generated almost no demand for protective options…
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That's actually kind of notable. In a more fragile market environment, a wallet exploit and large corporate selling would probably trigger a scramble for downside protection.
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Analysts flagged the risk of a trading range breakdown for Bitcoin in the weeks ahead. It's a real concern.
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The Fed's September meeting is the next hard date on the calendar. Markets are now positioned for a hold, but that positioning is built on one jobs report.
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Related: Fed Governor Lisa Cook Warns Crypto and Risk Assets Face Rate Hike Threat
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