Bit360
09/04 16:52
Crypto Market Eyes 2 Key Economic Data to be
Crypto Market Eyes 2 Key Economic Data to be Released Today
Crypto market awaits crucial U.S. labor reports that could influence Federal Reserve’s next decision.
ADP Nonfarm Employment Change expected at 73,000, signaling potential cooling in job growth.
Initial Jobless Claims forecast at 230,000, offering insights into labor demand and unemployment trends.
Bitcoin hovers near $110K, awaiting labor data that may trigger bullish or bearish moves.
The crypto market is on edge as investors wait for two key U.S. labor reports are be released today, the ADP Nonfarm Employment Change and the Initial Jobless Claims. Their results could heavily influence the Federal Reserve’s next rate decision.
Many expect signs of a cooling job market, and the results could directly impact interest rates, stocks, and Bitcoin’s next big move.
ADP Employment Data Sets the Tone
The first release, the ADP Nonfarm Employment Change, arrives at 8:15 a.m. ET. This report offers an estimate of private-sector job growth and often serves as an early signal before Friday’s official Nonfarm Payrolls.
Economists expect 73,000 new jobs in August, far weaker than last month’s 104,000. A weaker reading would suggest the U.S. labor market is cooling, potentially encouraging the Fed to lean toward rate cuts, a scenario that tends to favor risk assets like crypto.
On the other hand, a surprise upside print could shake the market, adding pressure to BTC’s current price levels.
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