Bitcoin price falls as US non-farm data dampens Federal Reserve rate expectations

ChainCatcher news, on Monday morning, Bitcoin (BTC) experienced a moderate decline, while Asian stock markets were hit harder, as Friday's U.S. non-farm payroll data exceeded expectations, dampening market hopes for an early interest rate cut by the Federal Reserve. According to CoinDesk data, at 4:32 UTC, the leading cryptocurrency by market capitalization was trading at $43,600, down 0.8% from the previous day. Since the release of the non-farm data, doubts have increased about whether the Federal Reserve will lower the federal funds rate in March. Traders in the swap market now expect about five rate cuts of 25 basis points this year, rather than the six or seven cuts of similar magnitude priced in before the non-farm data release. The U.S. Securities and Exchange Commission is widely expected to approve one or more spot ETFs on January 10.