🟡Bitcoin’s price has dropped below $60,000 amid growing concerns that the US economy may slide into a recession. These worries were fueled by data from the US Department of Labor, which revealed that only 114,000 jobs were added in July 2024, well below the expected 175,000. The unemployment rate also unexpectedly rose to 4.3%.
🟡Economists are concerned that the current economic downturn may prompt the Federal Reserve to cut rates earlier to boost demand. The cooling labor market and rising unemployment have led to sell-offs in global stock markets. Bitcoin, which started the week at around $70,000, fell below $62,000 and continued its decline into the weekend.
🟡The cryptocurrency market shows signs of undervaluation, and some analysts predict a potential bounce-back in Bitcoin’s price after a week of sluggish performance.