Best Crypto to Buy Now June 3 – Kaspa, Floki, Flare
On a mixed start the week for digital asset markets, which has seen Bitcoin (BTC) jump up to retest $70,000 in wake of softer-than-expected US manufacturing data but other major altcoins struggle/lose ground, crypto investors are moving up the risk curve and hunting for smaller altcoins that might be the best crypto to buy now.
Bitcoin was last changing hands in the mid-$69,000s, up over 2% today.
Data released on Monday showed that US manufacturing activity slowed for a second straight month in May.
The US manufacturing sector contracted further in May, with the ISM manufacturing PMI falling to 48.7, indicating a faster pace of contraction compared to the previous month. The decline was driven by a significant drop in new orders, which fell by 3.7 points to 45.4, the largest… pic.twitter.com/nuuAkdAhRC
— James E. Thorne (@DrJStrategy) June 3, 2024
And that has supported bets that the Fed will start cutting interest rates by September.
As per the CME’s Fed Watch Tool, money markets imply a 59% of at least one rate cut by September. That’s up from around 49% one week ago.
That has sent the US dollar and US bond yields tumbling to multi-week lows, creating macro tailwinds for crypto.
Attention now turns to US ISM services data out on Wednesday and the official US jobs report out on Friday.
If those data releases also support the case for Fed rate cuts, this could help propel BTC back above $70,000.
Indeed, Bitcoin remains a strong candidate for the best crypto to buy now.
When they come, rate cuts will be a major long-term tailwind for the world’s largest crypto. Tailwinds from the recent halving are also likely to come in later this year.
And that should coincide nicely with the US election – another catalyst that has historically
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