Bitcoin Recovers to $55,000 as Federal Reserve Interest Rate Cut Probability Increases

Bitcoin fell to the $52,000 range last weekend amid mixed U.S. employment reports and the increased likelihood of the Fed cutting interest rates by 0.25 percentage points.
As of 9:25 a.m. on the 9th, Bitcoin was trading at 55,000, up 1.78% from 24 hours ago on CoinMarketCap, a global coin market relay site.
Last weekend, Bitcoin plunged more than 5%, collapsing from $53,000 to $52,598.
The drop came after a mixed jobs report was released late last week, with nonfarm payrolls rising but the unemployment rate falling to 4.2% from 4.3%.
This makes it more likely that the Fed will cut interest rates by 0.25 percentage point at its September meeting, rather than 0.5 percentage point.
Interest rate futures currently trading on the Chicago Mercantile Exchange (CME) reflect a 70% probability that the Fed will cut interest rates by 0.25 percentage points at its September meeting.
The possibility of a big cut was virtually eliminated, causing Bitcoin to plummet.
However, today low-price buying has flowed in, and the price has recovered to the $55,000 range (approximately 7.86 million yen).
As Bitcoin rose, most cryptocurrencies rose, including Ethereum, the second largest by market capitalization, which rose 1.58%, and Solana, the fifth largest by market capitalization, which rose 2.55%.
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