Donald Trump · Bitcoin · Federal Reserve (FED) · New York · Bitcoin Magazine
Bitcoin slid Friday after a better-than-expected labor report showed that the U.S. job market accelerated in August
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The leading cryptocurrency was recently trading for close to $79,764 after dropping as low as $78,706 earlier in the morning in New York.
Key facts
- The leading cryptocurrency was recently trading for close to $79,764 after dropping as low as $78,706 earlier in the morning in New York
- Traders currently view a U.S. Federal Reserve interest rate hike at the upcoming September 15–16 policy meeting as roughly a 50% to 60% probability
- News dropped last month that U.S. public debt exceeded $40 trillion for the first time too
- But U.S. President Donald Trump on Friday demanded the Federal Reserve slash interest rates
Summary
Bitcoin dipped on news that the Federal Reserve may hike interest rates this month. Bitcoin slid Friday after a better-than-expected labor report showed that the U.S. job market accelerated in August. The Federal Reserve is typically more likely to raise interest rates when the labor market is strong, because more people employed means more spending, and more spending can push inflation up. Federal Reserve Chair Kevin Warsh last week gave his first major speech as head of the U.S. central bank and said he had “more work to do” to fight inflation.