Crypto
Bitcoin Price Dips on Rate Hike Fears, Spot Buyers Still Showing Interest
The price of Bitcoin (BTC) dipped 0.69% to around $64,384 on Thursday as fears of a rate hike returned.
U.S. initial jobless claims came in at 199,000 for the week ending August 1, below the forecasted 204,000 and slightly above last week's revised 198,000.
This tight labor market gives the Federal Reserve more room to keep rates elevated, which tends to reduce demand for risk assets like Bitcoin.
Crypto analyst Ted Pillows posted on X that spot buyers were pushing BTC higher, adding 'This looks good.'
The CME FedWatch Tool showed traders placing a 54.71% probability on a 25-basis-point rate hike at the September Fed meeting.