Bitcoin (BTC) is back above $56,000, having dropped below $54,000 over the weekend following a weak August jobs report that suggested the US economy
As Bitcoin (BTC) price recovered from the weekend sell-offs, crypto stocks also experienced a rebound on Monday, following a weak August jobs report that saw over $1.05 trillion wiped off the US stock market last week.
This sell-off also affected crypto stocks, but market experts like Arthur Hayes advised investors against panicking.
As BTC price recovered from the weekend sell-offs, crypto stocks also saw a rebound on Monday, with the flagship crypto trading above $56,000 again.
Coinbase (COIN) stock price saw an increase of over 3% since the market opened on Monday, September 9. MicroStrategy (MSTR), which is also considered a crypto stock due to the software company’s exposure to BTC, also saw a price recovery.
MSTR stock price was up by over 4.50% since the market opened for trading on Monday.
At the same time, U.S. Bitcoin mining companies like Marathon Digital Holdings and Riot Platforms were also up by over 3% and 2% since the market opened.
Given their correlation, it is unsurprising that these crypto stocks also rebounded with Bitcoin.
Meanwhile, U.S. stocks like Nvidia’s stock, which led last week’s bloodbath in the stock market, also rallied on Monday.
NVDA stock is up by over 2% since the market opened on Monday. This is also significant, considering how BTC price correlates with these stocks.
As such, the flagship crypto could further rally as these blue-chip stocks also recover. However, it is also worth noting that September has historically been a bearish month for these stocks and BTC.
Thus, it remains to be seen whether this is just a relief bounce or a bullish reversal.
Upcoming macroeconomic events this week are also set to determine the fate of BTC price and these stocks.
This year, macroeconomic events have largely impacted these assets as investors continue to gauge their confidence in these risk assets based on the US economy’s performance.
The US economy will once again be in the spotlight this week with the August Consumer Price Index (CPI) and Producer Price Index (PPI) inflation data set to be released.
The US CPI data will be released on Wednesday, September 11, while the PPI data will be released on Thursday, September 12.
These inflation data will provide further insight into the current state of the US economy, suggesting what steps the US Federal Reserve will likely take at its anticipated FOMC meeting between September 17 and 18 next week.
For now, traders expect the Fed to cut interest rates by 25 basis points (bps) with a 71% probability, according to the CME FedWatch Tool. There is a 29% chance of a 50 bps rate cut.
According to CoinGape analysis, BTC price recovery can be a bear trap due to headwinds like recession and economic uncertainty ahead. BTC price is currently trading at $56,497 in the last 24 hours. Trading volume saw a 68% increase over the last day.
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