Bitcoin, which rose to 70 thousand dollars at the beginning of the week, fell to 62,300 levels yesterday evening with the subsequent decline. The lower-than-expected manufacturing purchasing managers' index in the US strengthened signs of a cooling economy, but it also triggered fears of recession and hard landings. The Fed is waiting for the economy to cool down significantly before it starts to cut interest rates.
Non-farm payrolls and unemployment rate data to be released today will be closely watched by the markets. While the unemployment rate is expected to remain at 4.1%, non-farm payrolls are expected to be around 176K. The impact of these data on the economy may affect the Fed's rate cut decision in September. Powell stated on Wednesday that positive data could bring a rate cut to the agenda.
