[코인 시황] Bitcoin falls to 57K… Watch US employment data

[시드니=뉴스핌] Correspondent Kwon Ji-eon = Bitcoin price fell to $57,000 amidst the absence of materials.

According to CoinDesk, as of 12:08 p.m. Korean time on September 2, Bitcoin is trading at $57,629.56, down 1.51% from 24 hours ago.

At the same time, the Ethereum price is trading at $2448.62, down 1.56% from 24 hours ago.

Bitcoin Image [사진=로이터 뉴스핌]

The Bitcoin price fell more than 12% in August alone, and is technically in a bear market, having fallen more than 20% from its all-time high. The downward trend appears set to continue into September.

CoinDesk pointed out that despite the increased possibility of a Federal Reserve (Fed) rate cut, increased buying by institutional investors, and a more favorable regulatory environment, the Bitcoin price has not received clear upward support.

Experts say that it is difficult to expect additional positive factors in the immediate future and that we should keep in mind the possibility of a continued decline in September.

With U.S. financial markets closed for Labor Day on the 2nd, market participants predicted that volatility could rise again depending on labor data scheduled to be released later this week.

CoinDesk emphasized that the size of the Fed’s rate cut in September could be determined based on the August non-farm payrolls report to be released on the 6th, and market movements could change accordingly.

The weak employment report in July increased confidence in a September rate cut, and if employment slows for two consecutive months, the possibility of a 50bp (1bp = 0.01%p) cut in September could increase.

On the other hand, if the September employment report is strong, expectations of monetary easing could weaken somewhat, which could increase volatility.

kwonjiun@newspim.com