Bitcoin price falls as U.S. non-farm payrolls data dampens federal interest rate expectations

On Monday morning, Bitcoin (BTC) experienced a moderate decline, while Asian stocks were hit harder due to better-than-expected US non-farm payroll data released on Friday, which dampened expectations of an early rate cut by the Federal Reserve. CoinDesk data shows that, at 4:32 UTC, the leading cryptocurrency traded at a price of $43,600, a decline of 0.8% from the previous day. Since the release of the non-farm payroll data, concerns have increased about whether the Fed will lower the federal funds rate in March. Exchange market traders now expect about five 25 basis point rate cuts this year, rather than the six or seven similar-sized rate cuts priced in before the release of the non-farm payroll data. The US Securities and Exchange Commission is widely expected to approve one or more spot ETFs on January 10.