US Nonfarm Payrolls Increase by 256,000 Jobs in December
Bitcoin (BTC) remains a focal point for investors, trading above $94,000 despite a 3.45% decline over the past week. Recent US nonfarm payrolls data showed an increase of 256,000 jobs in December, indicating stronger-than-expected economic growth.
Fed Rate Cuts Outlook
The Kobeissi Letter analysts report that the Federal Reserve's anticipated pivot to interest rate cuts may be off the table. Key points include:
- US employment has averaged 165,000 jobs monthly since July 2024.
- The Fed may cease rate cuts due to rising inflation concerns linked to robust job data.
- A halt or increase in interest rates could negatively impact Bitcoin as it reduces investors' capacity to engage in riskier assets.
- There is a 44% probability that no rate cuts will occur through June 2025.
Current Bitcoin Status
As of now, Bitcoin trades at $94,028, showing a slight gain of 0.22% in the last 24 hours. Over the past seven and thirty days, it has decreased by 3.72% and 6.35%, respectively. Despite potential challenges from rate policies, bullish sentiment among Bitcoin investors persists, bolstered by historical trends, supportive government policies, and ongoing institutional investments.
Bitcoin maintains a market cap of $1.84 trillion, solidifying its position as the largest cryptocurrency and the eighth largest asset globally.
