Category: Crypto News
Bitcoin Price (BTC) Choppy on Wednesday
In addition to the spot ETFs, another hoped-for catalyst this year was to be easier monetary policy from the Fed. Economic indicators, though, have crumpled much of that case.
Inflation, which had been receding steadily for all of 2023, has actually turned higher in the first months of 2024. At 3.2% year-over-year in February, it remains well above the Fed’s 2% target. Alongside, the economy appears to be continuing to steadily grow, with job additions of more than 200,000 each month so far this year and the unemployment rate remaining close to historic lows, according to government statistics.
Earlier Wednesday, ADP reported private payroll growth of 184,000 during March, topping February’s 155,000 and expectations for 148,000. The main event on jobs will be Friday morning’s Nonfarm Payrolls report from the government, with economists expecting 200,000 additions.
The strong data of late has sent the U.S. 10-year Treasury yield to its 2024 high 4.43% and the U.S. dollar to its strongest level since last November – both of which could tend to put a damper on risk asset prices, bitcoin included.
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