According to BlockBeats, on May 1, after the release of U.S. macroeconomic data, Bitcoin fell below $94,000, a 1% drop in the day. Major altcoins such as Ethereum and Solana also fell, and the total market value of cryptocurrencies retreated by nearly 4%.
The US economy contracted by 0.3% in the first quarter, lower than the expected growth of 0.2%. Core PCE rose 2.6% year-on-year in March, in line with expectations but lower than the revised 3.0% in February. ADP employment added 62,000 jobs in April, a sharp drop from 147,000 in March.
21Shares expert David Hernandez pointed out that the market expects the Federal Reserve to cut interest rates more than four times this year. CoinPanel expert Kirill Kretov believes that interest rate cuts will be good for Bitcoin due to a weaker dollar, improved liquidity and lower Treasury yields.
