Bitcoin experiences further price fluctuations, while some altcoins set new records, triggered by US employment data revelations.
BTC Price Drop and US Employment Data Impact
The start of the week saw BTC fall below the $100,000 mark following the release of US employment statistics. Jobless claims came in at 217,000, surpassing analysts' expectations of 210,000 claims. However, stocks remained stable, partly due to the weaker-than-expected Consumer Price Index (CPI) data released the day prior.
Altcoin Rally and XRP's Success
While Bitcoin returned to the $100,000 mark, it was altcoins like XRP that caught the spotlight, hitting an all-time high on Bitstamp. Solana also stood out with an 8% daily increase, spurred by reports of US plans to create a special cryptocurrency reserve, prioritizing US-founded altcoins.
Market Expectations and Federal Reserve Plans
Despite cryptocurrency price shifts, market expectations for Federal Reserve interest rate changes remain steady. According to CME Group, the likelihood of rate cuts at the next Federal Reserve meeting remains low at 2.7%. This occurs amid conflicting signals between the financial market and the real economy, where inflation is becoming more visible.
Amid Bitcoin's price fluctuations and anticipated altcoin dynamics, investors continue to monitor Federal Reserve actions and economic data that could influence market direction.
