Bitcoin price could be pressured by the accelerating labor market in the world’s largest economy, the United States.
With nonfarm payrolls exceeding expectations, investors could become concerned with more monetary policy tightening.) performing a weekly close below the $70,000 mark due to a decreasing investor appetite for risk assets, according to Bitfinex analysts: However, nonfarm payrolls came in stronger than expected, with over 272,000 newly created jobs, topping the previously estimated 182,000.European Central Bank’s interest rate cut could increase Bitcoin price
The European Central Bank has cut its benchmark lending rate from 4% to 3.75%, ahead of the EU-wide elections. This marks the central bank’s first interest rate cut in five years.“The rate cut could weaken the euro, potentially leading to higher demand for alternative assets like Bitcoin. The increased liquidity from this monetary easing could also support risk assets, including cryptocurrencies.