Bitcoin's Price Moves Likely Hinge on Fed Rate Path
Dow Jones
1 hour ago
0714 GMT - Bitcoin's short-term price moves would likely depend on the Fed's interest rate path, after the cryptocurrency topped $80,000 on Thursday, says Mariia Menahem, chief executive of Clarity Global, in a note. Markets are pricing in lower rate hike expectations, as hiring by U.S. private-sector employers saw softer growth in August, she says. Lower rates reduce the appeal of cash and fixed-income assets, weaken the dollar and improve liquidity conditions for risk assets such as bitcoin. Bitcoin is 0.75% lower at $80,874.56, according to LSEG data.
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