Bitcoin price: Sharp increase
As of 6:08 p.m. today (December 8), Bitcoin - the world's largest cryptocurrency by market value witnessed a strong increase of 3.11%, up to 92,138.86 USD.
This new price contributes to bringing market capitalization to 1,839 billion USD. The trading volume in the 24 hours was at 56.49 billion USD.
Assessment and forecast
Bitcoin traders are preparing for a landmark week, as four key US economic data, including the Federal Reserve's interest rate decision and key reports on the labor market, could have a strong impact on market sentiment and shape the next move of the digital currency.
The coincidence of updates in monetary policy and employment data occurring right when Bitcoin is trading around key technical thresholds could lead to strong fluctuations in both directions.
The interest rate decision of the Federal Open Market Committee (FOMC) scheduled to be announced on December 10 is considered the most important event for Bitcoin and risk assets this week.
According to CME Group data, the market is currently pricing in an 87% chance of a Fed rate cut, reflecting widespread expectations for a loose monetary policy - which often benefits the cryptocurrency market.
Predictions about the scale of the interest rate adjustment are increasing, many people believe that the market has soon reflected expectations of interest rate cuts.
This comes as Bitcoin has shown strength, holding steady above the psychological level of 90,000 USD after strong fluctuations at the end of the week.
In addition to interest rates, the real impact on Bitcoin may depend more on the Fed's future direction.
After the announcement, Fed Chairman Jerome Powell will hold a press conference. His comments on upcoming policies, inflation and economic prospects are seen as an important signal for cryptocurrency investors.
In the past, Powell's statements have often had a strong impact on market positioning, and Bitcoin is particularly sensitive to changes in monetary policy orientation.
In addition, data on the number of job openings (JOLTS) in October will be released tomorrow morning (December 9), with a forecast of 7.2 million positions - unchanged from the previous month.
This index measures the "hotness" of the labor market and affects the Fed's policy. Stronger data is expected to make the Fed more cautious about cutting interest rates, thereby limiting Bitcoin's short-term increase range.
The initial unemployment benefit application number for the week ending December 6 will be announced at 8:30 am on Thursday (December 11). Analysts forecast 220,000 orders, up from 191,000 last week, but this is still a nearly two-year low.
If the data is far from the forecast, the market could fluctuate rapidly as traders reassess economic health and policy prospects.
The series of large economic information in a short time is creating conditions for strong reactions in the market. How Bitcoin responded this week could decide the December trend, influencing the year-end positioning strategy and testing the sustainability of organized cash flow recently.
In Vietnam, Bitcoin and other cryptocurrencies have not been recognized as a legal payment method and are not protected by law. Investors need to be cautious, avoiding risks from strong price fluctuations and fraud related to cryptocurrency.
