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US markets closed and Bitcoin price continues to see rapid sell-offs for deeper lows. September 6 was not a good day for cryptocurrencies as most turned red. BTC price was at $52,700 at the time of writing. The 24-hour loss has exceeded 6%. US stock markets experienced one of their worst weeks in recent years.
Bitcoin Price Dropped
The most significant event of the day was the sharp decline in Bitcoin (BTC) 
$93,199 price. Despite positive US data, the markets saw heavy sales. The expectation for a Fed rate cut sharply dropped from 50bp to 25bp after the market opened. Investors are revising their expectations downward, even though employment data suggests a higher likelihood of increases.
Fed has kept rates at their peak for over a year, and the first rate cut in four years will occur in 11 days. Although we have seen rapid losses in risk markets during past Fed rate cuts, we know this is a supportive factor for medium-term increases.
The biggest risk to the medium-term scenario here is the Bank of Japan making further rate increases. If we see this continue after the first increase in 20 years, we could experience the worst day in risk markets in recent years.
Analysts believe that due to a lack of demand at resistance levels and multiple tests of supports, BTC price could weaken further. This means new 2024 lows for altcoins.
Quick Summary of the Day
- BTC dropped to $52,650 at the time of writing.
- NASDAQ100 experienced its biggest weekly loss since November 2022.
- Ripple
$2’s Founder Chris Larsen donated to Kamala Harris. - Coinbase added ZK Coin to its listing roadmap.
- Fed/Goolsbee: There is a broad consensus for multiple Fed rate cuts.
- SEC announced the cancellation of Salt Blockchain’s certification.
- Markets are giving more probability to a 25bp cut. After US data, the 50bp cut probability rose to 59% and now dropped to 43%. (Change occurred 10 minutes after US markets opened)
- Binance listed NEIROETH in futures trading.
- Fed/Williams: Ready to start the rate cut process.
- Non-Farm Payrolls Announced: 142K Expectation: 165K Previous: 114K
- Telegram CEO Pavel Durov mentioned in a new message that the platform is under investigation in Paris due to misuse and promised to enhance security.
