Grayscale: U.S. employment data indicates a possible interest rate cut in December, the upward trend of cryptocurrency can continue into the new year
Zach Pandl, Director of Research at Grayscale Investments, stated that the non-farm employment data for November was higher than expected. However, the data also showed an increase in unemployment rate which may force the Federal Reserve to cut interest rates later this month.
He said: "Today's employment report might have solidified reasons for another rate cut by the Federal Reserve in its upcoming meeting. All other things being equal, lower official interest rates tend to put pressure on the value of US dollar and are beneficial to other currencies including Bitcoin. Despite BTC falling from over 100 thousand dollars yesterday, Grayscale Research believes that cryptocurrency's upward trend can continue into the new year."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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