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Home Cryptocurrencies Bitcoin Dips but Remains Above the $30,000 Threshold

Bitcoin Dips but Remains Above the $30,000 Threshold


Below is a short note on recent moves and news in Bitcoin and digital assets from Matteo Greco, Research Analyst at the publicly listed digital asset and fintech investment business Fineqia International (CSE:FNQ). 

BTC closed last week at $30,150, a 1.5% decrease from the about $30,600 price at the end of the previous week. During last Thursday, BTC reached the highest year-to-date price, trading at $31,500. The upward trend followed the interview released by Larry Fink, the CEO of Blackrock, who defined Bitcoin as “digital gold”. Blackrock is one of the top worldwide asset managers and has recently filed for a BTC spot ETF, with the SEC final deadline to approve or reject the ETF set for February 2024.

After reaching $31,500 BTC declined to a low of $29,700 during Friday, quickly recovering the $30,000 threshold and holding it during the weekend. The price decrease was attributed to the data released concerning the US non-farm payrolls in June. Private payrolls jumped by 497,000 jobs last month against an expected increase of about 230,000. Even though this data seems to be positive it represents a potential red flag for financial markets. These numbers show how the labour market in the US remains stronger than expected despite the high interest rates set by the Federal Reserve.

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A stronger labour market increases the chances for a new growth of inflation, which could force the Fed to keep increasing interest rates, in contrast with the decision of leaving rates unchanged in the last FOMC meeting. The market now anticipates a new 25bps increase at the next FOMC meeting, set for the end of July. The rate hike is expected with a 92.5% probability, against a 7.5% chances of interest rates remaining unchanged. Financial asset prices decreased as a consequence of portfolio and risk adjustment of investors in response of this central bank action.

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