5th September 2024 – (New York) Major cryptocurrencies are experiencing a rebound from recent multi-week lows, with Bitcoin (BTC) making a notable recovery towards $58,000 after briefly dipping into the $55,000 range earlier on Wednesday. As the market stabilises, investors are turning their attention to altcoins, searching for top performers that could thrive amidst ongoing economic uncertainty.
The focus is now on upcoming U.S. economic data, particularly the ISM Services PMI due on Thursday and the August jobs report scheduled for Friday. These indicators are expected to shape market expectations regarding the potential for a U.S. recession and the pace at which the Federal Reserve may cut interest rates.
The economic landscape has not been encouraging this week. Tuesday’s ISM Manufacturing PMI report fell short of expectations, signalling continued contraction in the U.S. manufacturing sector. Additionally, Wednesday’s JOLTs job openings report indicated a greater-than-anticipated softening in labour demand, heightening recession fears as investors await critical data.
These concerns appear to be influencing U.S. bond yields, with traders increasing bets on potential Fed rate cuts. This environment may have contributed to Bitcoin’s recovery from its intra-day lows, although it is not among the top-performing cryptocurrencies at present. Notably, Republican presidential nominee Donald Trump has gained a 5% lead over Democrat nominee Kamala Harris in Polymarket’s implied election victory odds, with Trump perceived as the more pro-crypto candidate.
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