The upcoming U.S. employment report is set to release on Friday night and may greatly influence the economic scenario and the crypto market.
Expectations for U.S. Employment
The report is expected to show an increase of **110,000 jobs**, with the unemployment rate predicted to rise from 4.1% to 4.2%. Jerome Powell, Chair of the Federal Reserve (Fed), has refrained from providing specific signals in his recent statements, opting for a wait-and-see approach. If the data falls short of expectations, it may prompt a dovish stance from the Fed and affect the dollar's value.
Crypto Market Reaction
The cryptocurrency markets, particularly Bitcoin and Ethereum, have shown activity ahead of the report’s release. Bitcoin (BTC) is currently priced at $113,485.53 with a market capitalization exceeding $2.26 trillion. Trading volumes reached $92.34 billion, marking a 33.54% change. BTC's price has decreased by 2.23% in the last 24 hours, but it has seen a long-term increase of 18.21% over the past 90 days.
Analysis of Forecasts and Expectations
According to analyst Jin Shi, the probability of a Fed rate cut has dropped from 68% to 45%. Despite this significant shift in expectations, the market remains stable, indicating investors are waiting for further confirmation signals. Historically, U.S. job data has had a considerable impact on each Fed decision, with cryptocurrency volatility increasing in response to such macroeconomic events.
The anticipated U.S. employment report will have significant repercussions for both the country's economy and cryptocurrency markets. Investors should be cautious of the changes that may occur following the release of the data.
