Weaker-than-expected U.S. jobs growth could put a floor under BTC, according to Bitfinex.early Friday amid reports that the defunct exchange Mt. Gox moved BTC worth $2.6 billion, supposedly for creditor repayments. Later on, Mt. Gox said that itAs of writing, the cryptocurrency was down over 13% for the week, the most significant single-week percentage decline since FTX's collapse in November 2022, according to CoinDesk data and TradingView.
In a potentially positive news on the inflation rate, the average hourly earnings growth is forecast to slow to 0.3% in June from 0.4% in May, equating to a 3.9% year-on-year rise, down from May's 4.1%. The so-called dovish, pro-risk assets expectations will likely strengthen further if Friday's jobs figure shows weaker-than-expected jobs growth, according to Jag Kooner, head of derivatives at the crypto exchange Bitfinex.
Kooner explained that inflows into the spot bitcoin ETFs listed in the U.S., preferred by macro traders and institutions, could pick up the pace if"market participants believe economic uncertainty will drive the Fed toward eventual rate cuts."