Bitcoin Plunges to One-Month Low as Traders Await Nonfarm Payrolls DataSINGAPORE, Sept. 4 (Caixin) - Bitcoin hovered near a one-month low on Thursday, as economic concerns triggered a broad sell-off in global risk assets
Bitcoin Plunges to One-Month Low as Traders Await Nonfarm Payrolls Data
SINGAPORE, Sept. 4 (Caixin) - Bitcoin hovered near a one-month low on Thursday, as economic concerns triggered a broad sell-off in global risk assets. The cryptocurrency fell over 4% at one point, before recovering some losses, trading around 3% lower at $56,461 as of 1:32 p.m. Singapore time. Most other major tokens, including Ethereum, also declined.
Traders are now keenly focused on the U.S. jobs report, due out on Friday, hoping to glean clues about whether the economy is heading for further slowdown. The data, which carries significant weight for the Federal Reserve's monetary policy decisions, is widely expected to have a major impact on financial markets.
Earlier this week, Fed Chair Jerome Powell's comments on the Fed's continued fight against inflation further pressured markets. The central bank has already hiked interest rates by 75 basis points twice in a row and has hinted at further increases in the coming months.
Investors fear that the Feds aggressive tightening could trigger a recession, dampening demand for risk assets. This fear has sparked a selloff in global risk assets, including Bitcoin.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
