Bitcoin (BTC) surged to $116,008.40, up 4% from last week, amidst signs of a looming economic downturn. Recent U.S. economic data, including CPI figures indicating persistent inflation and significant job revisions showing nearly a million fewer jobs created, suggests the potential for stagflation. The Federal Reserve is expected to cut interest rates, enhancing the appeal of riskier assets like Bitcoin and stocks. Notable statistics include a rise in unemployment to 4.3% and initial jobless claims climbing to 263,000, the highest since October 2021. Despite Bitcoin’s rise, some Bitcoin-related stocks like MicroStrategy (MSTR) have lagged, while others like Marathon (MARA) performed better. As traders eye potential interest rate cuts, the crypto market could see renewed growth. Bitcoin’s price action remains promising, supported by higher lows and a rising 200-day moving average, signaling bullish sentiment ahead for both Bitcoin and crypto stocks.
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Navigating Sticky Inflation and Softening Job Markets: How Macro Headwinds Create Tailwinds for BTC
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