Bitcoin price is likely to see an additional spike in volatility as the United States Nonfarm Payrolls (NFP) number for August is set to be released o
of 195,000. ADP noted the private sector added 177,000 in August as opposed to the revised July numbers, which stand at 324,000.Due to the sudden spike in Bitcoin’s correlation to stock market indices over the last month, there is a chance for the pioneer crypto to follow the stock market. Hence, any and all macroeconomic events that affect the US stock market is likely to affect cryptos as well.
Still, the Fed could resort to either keeping the interest rates higher for longer or, worse, announcing another 25 basis point hike when it meets on September 19-20. The latter scenario is not outside the realm of possibility, and if it were to manifest, investors would notice both the stock and crypto markets heading south.Information on these pages contains forward-looking statements that involve risks and uncertainties.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
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