Today, there was a significant decline in the value of cryptocurrencies. Bitcoin (BTC) had a 1.5% decrease, reaching $57,800, while Ethereum (ETH) dropped by 3% to $2,442, marking its lowest point since early February.
Simultaneously, there was a notable decrease in stock prices, with the Nasdaq experiencing a 2.4% dip and the S&P 500 falling by 1.5%. The August ISM Manufacturing PMI survey indicated a sustained decline, as new orders decreased to 44.6 and prices paid increased to 54.0.
Traders have raised the likelihood of a 50 basis point reduction in the Federal Reserve interest rate in September to 39%. However, the more favored option is still a 25 basis point decrease, with a probability of 61%.
The primary focal point for macroeconomic news in the United States is the August employment report, which is scheduled for release on Friday. Economists are predicting that job gains will recover and reach 160,000, compared to the 114,000 figure reported in July. The anticipated unemployment rate is projected to decrease from 4.3% to 4.2%.
Based on historical patterns, it is likely that selling will persist, as bitcoin has experienced a decline in seven out of the last ten Septembers. Nevertheless, the data set presents encouraging information, as historically October has been the most profitable month for Bitcoin, and the remaining months of autumn have generally yielded favorable returns.
Recently, Vitalik Buterin, the co-founder of Ethereum, has allegedly moved ETH worth around $800 million to a multi-signature wallet, generating curiosity among the cryptocurrency community.
