Bitcoin Approaching Its 'Most Dynamic' Month with 99% Probability of Federal Reserve Rate Reduction
The cryptocurrency markets are experiencing a continued upward trend this week, following disappointing U.S. labor statistics and in the context of a government shutdown that has led the market to believe that a Federal Reserve rate cut next month is almost guaranteed.
The catalyst for this movement was an unforeseen decrease in U.S. private payrolls. According to ADP data, there was a decline of 32,000 jobs in September, contrary to expectations of a 50,000 job increase. With the government shutdown preventing the release of official labor statistics, traders are compelled to rely on this shortfall for guidance, resulting in heightened speculation regarding rate cuts.
