Bitcoin, Asian Stocks Drop as Traders Pare March Fed Rate Cut Bets CoinDesk

Image for article Bitcoin, Asian Stocks Drop as Traders Pare March Fed Rate Cut Bets  CoinDesk
News Source : CoinDesk

News Summary

  • The jobless rate held steady at 3.7%, while average hourly earnings increased 4.1% year-on-year against a consensus estimate of 3.9%.Since the payrolls data, doubts have increased that the Fed will cut the Fed funds rate, the benchmark borrowing cost, as early as March..
  • Bullish group is majority owned by; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin..
  • Most Asian equity indices traded in the red, with Hong Kong’s Hang Seng trading 2% lower amid a regulatory crackdown on gaming.The NFP data released Friday showed the U.S. economy created 216,000 jobs in December, beating expectations for 170,000 and above November’s downwardly revised 173,000..
  • The CME Fed Watch tool shows traders now price a 60% chance of a rate cut in March, having fully baked in such a move in late December..
  • In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange..
  • This figure significantly exceeds the current inflation rates..
Bitcoin (BTC) registered moderate losses early Monday, with Asian stocks taking a bigger hit as Fridays upbeat U.S. nonfarm payrolls (NFP) data dented expectations for early rate cuts by the Federal [+2494 chars]

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