Bitcoin has been struggling over the last month as the bitcoin price hovers on the verge of a critical tipping point.
The bitcoin price has almost doubled since the beginning of 2024 but has lost momentum in recent months as traders panic over the Federal Reserve's plans for monetary policy.
Now, as the Fed has been warned of a U.S. dollar crisis that risks spiraling into "total collapse," Goldman Sachs analysts have issued a warning that this week's closely-watched jobs numbers could spark a stock market crashâwhile legendary bitcoin trader Arthur Hayes has admitted his previous bitcoin price prediction was wrong.
"A market correction may start to get traction if payrolls are weak on Friday," Scott Rubner, managing director for global markets and tactical specialist at Goldman Sachs, wrote in a note to clients seen by Bloomberg.
Friday's payroll report, which Fed chair Jerome Powell last month said will inform September's interest rate decision, is expected to show hiring and wage growth picked up in August.
The Fed is now widely expected to begin a rate-cutting cycle at its two-day monetary policy meeting that begins on September 17. Yesterday, labor market data and comments from a Federal Reserve official bolstered the case for an interest rate cut, it was reported by Reuters.
Now, has does this impact crypto prices led by forerunner Bitcoin. Your guess is as good as mine.
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