Investing.com– price slipped marginally on Monday after rebounding out of bear market territory through the weekend as investor optimism remained subdued amid increased speculation over U.S. interest rate cuts.
A sharp drop in the dollar, following weaker-than-expected nonfarm payrolls data, was the biggest benefactor of Bitcoin over the weekend. This helped the token recover from bear market territory after it sank to about $59,000 last week, about 22% below a record high hit in March.
Bitcoin fell 0.3% in the past 24 hours to $63,513.8 by 08:52 ET (12:52 GMT).
Bitcoin price benefits from some rate cut bets
Markets were now seen pricing an increased chance of a 25 basis point cut by the Federal Reserve in September. Such a scenario bodes well for cryptocurrencies, given that they usually thrive in a low-rate, high-liquidity environment.
A cooling labor market gives the Fed more impetus to cut interest rates. But Friday’s…
Read More
