Payrolls-Led Bitcoin, Ether Price Swoon Is 'Buy the Dip' Opportunity, Crypto Trading Firm Says

The post-report price swoon in the two largest cryptocurrencies offers a good opportunity to pick up bargains, according to QCP Capital, a Singapore-based trading firm.

Markets immediately trimmed the probability of a 25 basis-point Fed rate cut in September to 60% from 85%, sending risk assets, including cryptocurrencies, lower. JPMorgan and Citiput rate increases or additional liquidity tightening back on the agenda. Bitcoin, which looked primed for a breakout above $72,000, fell almost 3% to $68,400, according to CoinDesk data. Ether and the CoinDesk 20 index followed bitcoin's lead.

"Strong upside surprised on NFP , higher payrolls came with higher unemployment . It was confusing enough to trigger a risk-off ahead of U.S. inflation numbers and FOMC," the firm said in a market update.

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