Bitcoin Remains Strong Amid Rising Fed Rate-Hike Odds
- Bitcoin (BTC) closed last week at $80,000, up 3.45% after reaching $82,400.
- US payrolls data showed an increase of 162,000 in August, exceeding the consensus of 53,000.
- September rate-hike odds are now near 60% following the payrolls report.
- Bitcoin ETFs saw inflows of $987 million last week, totaling nearly $3.8 billion over three weeks.
- Ethereum ETFs added $215 million during the same period as investors shift capital into BTC and ETH.
Investor interest in cryptocurrencies is growing as capital rotates from equities and gold into BTC and ETH. The resilience of Bitcoin amidst strong economic indicators suggests a potential new cycle for crypto assets.
With Bitcoin’s current drawdown being only about half of previous cycles’ declines, market conditions appear favorable for continued investment. A significant shift could occur if ETF outflows turn negative or CPI pushes hike odds above 70%. (Source)
