Now Reading: Bitcoin holds near Rs 61.9 lakh as US jobs data boosts rate cut hopes
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Bitcoin holds near Rs 61.9 lakh as US jobs data boosts rate cut hopes
Bitcoin holds near Rs 61.9 lakh as US jobs data boosts rate cut hopes
Bitcoin steadied around Rs. 61.9 lakh on Monday after weaker-than-expected US jobs data revived expectations that the Federal Reserve may soon cut rates. Analysts cautioned that thin trading volumes and cautious spot…
The Story in Brief
Bitcoin steadied around Rs. 61.9 lakh on Monday after weaker-than-expected US jobs data revived expectations that the Federal Reserve may soon cut rates. Analysts cautioned that thin trading volumes and cautious spot demand could limit further gains. The next major catalyst for crypto markets is likely to be US consumer price index and producer price index data due later this week, which could influence Fed policy.
The Indian Opinion
The market is once again pinning its hopes on a Fed pivot, but retail investors should not mistake a modest bounce for a bull run. Thin volumes and cautious buying suggest institutions are not convinced yet. The real test comes with US inflation data later this week, if prices stay sticky, bets on rate cuts could vanish overnight. Is this rally built on more than wishful thinking?
Source: gadgets360.com
This story was synthesised by AI from the source linked above.
