Ultra Caution!! Bitcoin Hinges On The Jobs Data. Gareth Soloway Crypto
42Ultra Caution!! Bitcoin Hinges On The Jobs Data. Gareth Soloway #crypto #bitcoin #stockmarket #trading News Bitcoin Crash Crypto News
Hello everyone. Legendary trader Gareth Soloway shares his top trades and why the market is not reacting correctly to the data, which shows a lot of bearish momentum. Bitcoin spiked to $100,000 at the Feb. 7 Wall Street opened as US employment data dealt risk assets much needed relief.
The US added 143,000 positions last month, short of the expected 169,000 and far below tradersโ estimates on prediction services.
Crypto and stock markets gained as a result, with the figures implying that the labor market was not as resilient to restrictive financial policy as first thought.
Despite this, the latest estimates from CME Groupโs FedWatch Tool showed markets pricing out the likelihood of the Federal Reserve cutting interest rates at its next meeting in March. The odds of a base 0.25% cut stood at just 8.5% at the time of writing, down from 14.5% before the jobs release.
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Credits --Gareth Soloway
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