Hassan Maishera
TL;DR
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Despite macroeconomic data in the market, Bitcoin continues to trade around the $29,200 mark.
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Investors look forward to today’s NFP data, which could play a key role in the Fed’s battle against inflation.
Bitcoin Stays Above $29k
Bitcoin’s price has remained somehow flat this week, as it is up by less than 0.02% over the last seven days. The world’s leading cryptocurrency dropped below $29k earlier this week before rallying towards $30k a few days later.
However, Bitcoin now seems to have settled around the $29,200 level. Market experts believe that there could be further downward movement in the short term due to some macroeconomic events on the horizon.
The Bank of England recently raised interest rates as it continues to battle its worst inflation in 15 years.
Furthermore, investors are eagerly awaiting job data in the United States later today as that could determine how the market shapes up over the next few days.
Wall Street analysts expect that nonfarm payrolls increased by 200,000 in July. If that happens, it would be the lowest figure recorded since December 2020.
The data could be key in determining if the Federal Reserve will continue with its rate hike.
Jeffrey Roach, chief economist for LPL Financial, told CNBC, “This will most likely be a report that has a little bit for everybody, whether your view is skirting recession altogether, a soft landing, or an outright recession by the end of the year. The challenge is, not every metric is telling you the same story."
The total cryptocurrency market cap has remained at $1.17 trillion, down by less than 1% over the last 24 hours.
Litecoin remains the worst performer amongst the top 20 cryptocurrencies by market cap, down by 4% in the last 24 hours.LTC’s poor performance comes just two days after Litecoin’s halving event.
