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Cryptocurrency markets experienced chilly winds today, affecting everyone involved. Bitcoin fell to $56,600, creating a shock effect among investors. Along with Bitcoin‘s decline, altcoins also saw decreases. The market was particularly focused on the Federal Reserve’s interest rate decision and Chairman Powell’s upcoming speech, with data from the US eagerly anticipated. The data was just released.
US ADP Non-Farm Employment Change Data Announced
The US ADP non-farm employment change data was just released. The figure came in at 192,000, while expectations were at 179,000. It appears that the announced figure exceeded expectations. The previous figure was also revised to 208,000.
It seems likely that these data points will be discussed in Powell’s speech. While no interest rate cut was expected today, better-than-expected data might ease the Federal Reserve’s stance. However, JPMorgan had mentioned that the earliest start date for interest rate cuts could be July.
Bitcoin Price After the Data
Looking at the Bitcoin price following the data release, we see that the BTC price is trading at $58,010. The harsh winds in the BTC market have not yet subsided. We will see what happens after tonight’s Fed meeting.
Discussing the recent drop in Bitcoin, renowned analyst Michael van de Poppe emphasized a possible shift from Bitcoin to altcoins. The analyst expects significant increases for altcoins in the upcoming period.
