Bitcoin and ether remain below key levels after a decline driven by weak U.S. employment figures. Market tension persists ahead of additional inflation data and upcoming presidential debates.
Current Market Situation
At the time of writing, bitcoin is trading at $54,744, up 0.64% in the past 24 hours, while ether (ETH) has added 0.17% and trades around $2,291, according to The Block. The decline in cryptocurrency prices began on Friday following the release of weak U.S. employment data.
Expert Opinions
The latest U.S. non-farm payroll (NFP) data showed an increase of 142,000 in August, below market expectations of 160,000. Augustine Fan, Head of Insights at SOFA.org, noted: 'Crypto would need a near-perfect mix of NFP outcomes to see higher prices. Instead, we received one of the worst-case outcomes as the repricing of risk sentiment dragged BTC and ETH down.' Fan mentioned that the data indicates U.S. private-sector growth is heading to its 'weakest growth in over a decade,' making an economic recession more imminent.
Upcoming Week Expectations
Despite the U.S. unemployment rate dropping to 4.2%, a positive signal, weak payroll data continues to dominate market sentiment. Metalpha’s senior analyst Lucy Hu stated: 'The lower unemployment figure has lessened concerns of imminent recession, but the lower-than-expected payroll data is dominating the market sentiment.' This week, key inflation data and presidential debates are anticipated. The next Federal Open Market Committee meeting is scheduled for Sept. 17-18. Cryptocurrency prices are likely to remain highly volatile in the near term.
Current macroeconomic conditions and upcoming events play a crucial role in shaping market sentiment. Investors' attention will be focused on inflation data and the U.S. presidential debates.
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