Bitcoin Recovery? All Eyes Are Now on US Stock Market Resilience
The post Bitcoin Recovery? All Eyes Are Now on US Stock Market Resilience appeared on BitcoinEthereumNews.com. Welcome to the Asia Pacific Morning Brief—your essential digest of overnight crypto developments shaping regional markets and global sentiment. This Monday’s edition is brought to you by Paul Kim. Grab a green tea and watch this space. The crypto market in August is off to a challenging start. Last week, Bitcoin prices sharply fell, breaking below the $117,000–$120,000 range established since July 11. Bitcoin dropped nearly 4% over the week, with some altcoins plunging over 15%. First by Powell, Second by NFP Last week’s decline unfolded in two main phases. One cause was the remarks of Federal Reserve Chair Jerome Powell following the July Federal Open Market Committee (FOMC) meeting held on Wednesday. The market had been highly anticipating a rate cut in September after the pause in July, but Powell poured cold water on these expectations. Powell stated that the possibility of a September rate cut is still uncertain. While acknowledging signs of a potential recession, he explained that it is reasonable to keep rates steady as the inflationary effects of tariffs are yet to be confirmed. He also emphasized that the labor market remains solid and near balance, urging the focus to shift from employment to inflation risks. Interestingly, there was strong internal opposition within the Fed to this view. Fed Governor Christopher Waller pointed out that private sector employment growth has slowed significantly. Despite surface-level health, data revisions reveal weakness, prompting calls for preemptive rate cuts. For now, Powell’s perspective aligns with the majority within the Fed, and the market has to temper its expectations for a September rate cut. Bitcoin prices fell to $115,800. Bitcoin Price. Source: CoinMarketCap The nonfarm payroll (NFP) data was released on August 1, resulting in the second decline. The July NFP estimate among Wall Street analysts was around 110,000, but the…
The post Bitcoin Recovery? All Eyes Are Now on US Stock Market Resilience appeared on BitcoinEthereumNews.com.
Welcome to the Asia Pacific Morning Brief—your essential digest of overnight crypto developments shaping regional markets and global sentiment. This Monday’s edition is brought to you by Paul Kim. Grab a green tea and watch this space. The crypto market in August is off to a challenging start. Last week, Bitcoin prices sharply fell, breaking below the $117,000–$120,000 range established since July 11. Bitcoin dropped nearly 4% over the week, with some altcoins plunging over 15%. First by Powell, Second by NFP Last week’s decline unfolded in two main phases. One cause was the remarks of Federal Reserve Chair Jerome Powell following the July Federal Open Market Committee (FOMC) meeting held on Wednesday. The market had been highly anticipating a rate cut in September after the pause in July, but Powell poured cold water on these expectations. Powell stated that the possibility of a September rate cut is still uncertain. While acknowledging signs of a potential recession, he explained that it is reasonable to keep rates steady as the inflationary effects of tariffs are yet to be confirmed. He also emphasized that the labor market remains solid and near balance, urging the focus to shift from employment to inflation risks. Interestingly, there was strong internal opposition within the Fed to this view. Fed Governor Christopher Waller pointed out that private sector employment growth has slowed significantly. Despite surface-level health, data revisions reveal weakness, prompting calls for preemptive rate cuts. For now, Powell’s perspective aligns with the majority within the Fed, and the market has to temper its expectations for a September rate cut. Bitcoin prices fell to $115,800. Bitcoin Price. Source: CoinMarketCap The nonfarm payroll (NFP) data was released on August 1, resulting in the second decline. The July NFP estimate among Wall Street analysts was around 110,000, but the…
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