In recent times, expectations for interest rate cuts have been increasing in the US, while recession concerns have been growing louder. There is a strong expectation that interest rate cuts will occur in September, and yesterday’s Fed minutes did not contradict this. Despite differing views from major companies on the recession, the ongoing discussion of this possibility is unsettling the market. Amid all this, critical data was released in the US.
Data Released in the US
The eagerly awaited unemployment claims data was released in the US. Following last week’s decline, an increase was expected this week, and it appears that expectations have been met.
- US Unemployment Claims Announced: 232K (Expectation: 232K Previous: 227K)
- US Unemployment Claims (4-Week Average) Announced: 236.00K (Previous: 236.75K)
As recession concerns grow in the US, the rise in data could fuel such fears, but all eyes are on Powell’s speech on Friday. It is currently unknown what impact the data, being exactly as expected, might have.
What is Bitcoin’s Price?
Following the data release, cryptocurrency followers turned their attention directly to Bitcoin‘s price. Bitcoin lost the $61,000 level after the news and returned to $60,629. Despite this price movement, the 24-hour change of 2.31% is pleasing investors.
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The 7-day outlook indicated a 3.51% increase for Bitcoin. Following the rise, BTC’s market cap surpassed $1.2 trillion again, and the noticeable increase in 24-hour trading volume indicated growing interest. The 24-hour trading volume exceeded $35.8 billion after a 33% increase, showing buyers’ interest in the market.
