Impact of US Data on Bitcoin: Latest Developments in the Cryptocurrency Market - COINTURK NEWS
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Impact of US Data on Bitcoin: Latest Developments in the Cryptocurrency Market

3:26 pm (54 days ago)
August 2, 2023

Bitcoin (BTC), the leading cryptocurrency, experienced a downward trend after reaching its all-time high of $69,000 in November 2019. The recent surge in BTC prices has once again drawn attention to Bitcoin. However, the decisions on interest rates by the Federal Reserve in the United States have occasionally caused declines in BTC. Here are the new US data that could cause turbulence in the markets!

US Expected Data Released!

The eagerly awaited US Non-Farm Payrolls data, which is crucial for global markets and cryptocurrencies like Bitcoin, has just been released. In the past, the data released by the United States has led to speculations and price declines in the cryptocurrency markets.

The Federal Reserve’s efforts to combat inflation in recent months have led to a decline in Bitcoin’s value due to investors’ inclination towards the US dollar. According to the latest reports, the US Non-Farm Payrolls data has decreased from 497K to 324K (Expectation: 189K).

Impact of US Data on BTC!

According to cryptocurrency experts, a strengthening US economy and the rise of the dollar index, which has significant effects on cryptocurrencies, could lead to a general market decline, including Bitcoin. Contrary to the assumption, a weakening US economy may result in gains in risky assets like Bitcoin.

On the other hand, in previous periods, cryptocurrency experts have pointed to Bitcoin and its derivatives as an exit for investors in their statements regarding the dollar. Bitcoin, with its upward momentum at the beginning of 2023, reached levels around $30,000 and approached $31,000. One of the main reasons for this surge is the pending approval of the spot ETF application by the world-renowned company, BlackRock.

However, the leading cryptocurrency suffered losses during this upward momentum and fell below the $30,000 level again, trading at around $29,500 when this article was written.

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