Economists forecast 160,000 jobs added in August, with unemployment expected to drop to 4.2%. A soft report may trigger a 50 basis points rate cut.
A once-positive link between monetary easing and bitcoin prices now lacks enthusiasm; signals of rate cuts offer mere momentary relief for declining bitcoin.
Despite the Fed’s monetary easing stimulating bitcoin in the past, this cycle hasn’t sparked the same enthusiasm, with bitcoin prices continuing to decline significantly.
Bitcoin's price is currently at $56,300, down 5% monthly and over 23% from its record high of $73,500 from just six months ago.
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