- Bitcoin’s price has recovered by 6%, reaching around $105,000 after a recent drop below $100,000.
- JPMorgan forecasts a potential $3.5 trillion surge in Bitcoin‘s market value.
- Goldman Sachs reports a loss of 50,000 U.S. jobs in October, the largest decline since late 2020.
- The U.S. government shutdown has delayed key employment data, complicating the Federal Reserve’s policy decisions.
- Market expectations for a Federal Reserve interest rate cut in December are increasing, which could influence bitcoin and digital asset prices positively.
Bitcoin’s price rebounded by 6% to approximately $105,000 following a sharp decline in early November when it briefly fell below $100,000. This movement comes amid growing anticipation of a significant price shift driven by economic developments and market forecasts.
According to JPMorgan, substantial investments in bitcoin point to a possible $3.5 trillion market surge. Meanwhile, Goldman Sachs has highlighted a significant drop in U.S. employment, estimating a loss of 50,000 nonfarm payroll jobs in October. This reduction marks the steepest fall seen since late 2020.
Goldman Sachs analysts noted, “Our job openings and labor market tightness trackers continued to decline, and our newly constructed layoff tracker also revealed an increase in layoffs over the past few months.” This economic data is critical as it plays a role in shaping Federal Reserve decisions ahead of its December meeting.
The longest U.S. government shutdown has delayed the release of nonfarm payroll reports for September and October, limiting the Federal Reserve’s ability to assess the current labor market. Analysts from Tagus Capital stated that the expected government reopening could support market optimism, increase liquidity, advance cryptocurrency regulations including altcoin ETF approvals, and raise prospects for a Fed rate cut on December 10. These factors may provide support for bitcoin and other digital currencies.
Market participants on the crypto prediction platform Polymarket have raised the odds of an interest rate cut by the Federal Reserve in December. Bitget‘s chief marketing officer, Ignacio Aguirre, explained, “As expectations mount for forthcoming Federal Reserve rate cuts, the liquidity tailwinds may further amplify risk-asset flows.” He added that combined with seasonal trends and growing institutional interest, this environment could drive significant growth in blockchain and digital assets. Key catalysts include clearer regulatory policies, increased institutional ETF inflows, and sustained lower interest rates supporting ecosystem expansion and broader adoption.
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