Crypto Prices To Bounce Back As Market Prices In 50 BPS Rate Cuts
The post Crypto Prices To Bounce Back As Market Prices In 50 BPS Rate Cuts appeared on BitcoinEthereumNews.com.
DISCLAIMER: This article is a SPONSORED Press Release and does not constitute Finbold’s editorial content. Crypto assets/products involve significant risks. Do not invest unless you are prepared to lose your entire investment. For a full disclaimer, please . The global equities market is in a state of utter confusion. The US stock market suffered a substantial decline today as fears of an upcoming recession spooked investors. However, the gold price also fell, contrary to what is expected during a recession. Unsurprisingly, the crypto market is also in a broad-based decline, with Bitcoin price falling 4% to trade as low as $62,500. However, experts believe that crypto prices could see a significant bounce back, considering that the odds of a 50 bps rate cut in September have skyrocketed. In such a scenario, meme coins and AI coins could deliver outsized returns. Even new meme coins such as WienerAI could show impressive growth. Will Crypto Prices Bounce Back? The July jobs report turned out to be the weakest since January 2021, with the US economy adding only 114,000 jobs, significantly below the expected 176,000 figure. Meanwhile, the US unemployment rate rose from 4.1% to 4.3%, the worst since October 2021. BREAKING: US economy adds 114,000 jobs in July, BELOW expectations of 176,000. The unemployment rate rose to 4.3%, ABOVE expectations of 4.1%. This marks the highest US unemployment rate since November 2021. The labor market is beginning to crack. — The Kobeissi Letter (@KobeissiLetter) August 2, 2024 Quite simply, the US economy is now on the verge of a recession, with several economic indicators signalling the same. For instance, the Sahm Rule is now indicating a recession, as does the Piper Sandler indicator. The stock market typically faces significant correction during a recession. Consequently, crypto prices – which show a strong correlation…
Filed under: News - @ August 3, 2024 11:24 am