Bitcoin moved little on Monday, steadying after logging steep losses over the past week as concerns over softening U.S. economic growth and looming trade tariffs dented appetite for risk-driven assets.
Broader crypto prices rose marginally, but were also nursing from last week’s risk-off move, while some elements of profit-taking remained in play.
Bitcoin rose 0.6% to $114.268.8 by 01:25 ET (05:25 GMT).
Recent buying by major corporate holders did little to stem losses in Bitcoin, which was down nearly 3% in the last five days.
Bitcoin rattled by soft payrolls, tariff uncertainty Bitcoin sank in tandem with Wall Street on Friday, after nonfarm payrolls data for July read substantially weaker than expected.
The reading ramped up concerns over a cooling U.S. economy, as did a sharp downward revision in jobs growth over the past two months.
President Donald Trump shortly after the reading fired Bureau of Labor Statistics Head Erika McEntarfer, also spurring some concerns over the future credibility of U.S. economic data.
While the weak payrolls data did ramp up bets on interest rate cuts by the Federal Reserve, it also underscored a rapid cooling in the U.S. economy, given the importance of the labor market.
Adding to the economic uncertainty, Trump’s tariffs against a host of major trading partners are set to take effect this week, potentially causing more economic disruption.
While Bitcoin and crypto are not directly impacted by trade tariffs and a cooling labor market, the resulting shifts in sentiment factor into speculative asset prices. Lower rates, however, stand to benefit Bitcoin in the long term.
