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QCP Capital, a leading cryptocurrency analysis firm, has assessed the latest developments in the market following the release of the US nonfarm payrolls report for August.
The report showed the U.S. economy added 142,000 jobs last month, below the 165,000 expected. The unemployment rate met expectations at 4.2%, down slightly from 4.3% in July.
The market’s initial reaction to the data was positive, with riskier assets briefly rallying. However, the bullish trend quickly reversed as traders began to adjust their expectations for possible Fed rate cuts. Before the employment data was released, the market was pricing in a 55% chance of a 50 basis point (bps) cut in September. As of this morning, those odds have shifted significantly, with a 25 basis point cut priced in at 70% and a 50 basis point cut at 30%.
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The sell-off in Nvidia (NVDA) shares dragged U.S. stocks and cryptocurrency prices lower. Bitcoin (BTC) fell to $52,500 before finding support at $54,000, while Ethereum (ETH) fell to $2,150.
Additionally, QCP Capital noted that BTC spot ETFs extended their eight-day streak of outflows, signaling continued investor caution.
Despite the sharp decline in cryptocurrency prices, the options market remained relatively calm, analysts said. QCP saw large-scale sell-offs throughout the trading session, suggesting that some investors may be positioning for a recovery. While spot prices consolidated towards the weekend, front-end volatility in the options market also declined.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/recent-developments-evaluated-what-to-expect-in-the-cryptocurrency-market-this-weekend/" rel="noopener noreferrer nofollow">Recent Developments Evaluated: What to Expect in the Cryptocurrency Market This Weekend?</a>

Recent Developments Evaluated: What to Expect in the Cryptocurrency Market This Weekend?

Bitcoin Sistemi EN

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