Following a steady rise to $91,200, recent data releases have sparked uncertainty, with declines observed over the last three hours. Key economic indicators raise questions about the future of cryptocurrencies.
US Economic Data and BTC
The publication of JOLTS and ISM PMI data has significantly affected the price of BTC and altcoins, which suffered notable losses. Employment statistics released this week are pivotal for determining the future direction of BTC.
Latest Employment Figures
The unemployment rate reported at 4.1% was slightly lower than the anticipated 4.2%, while Non-Farm Payrolls (NFP) more than doubled expectations, coming in at 256,000 compared to the predicted 165,000. Average earnings are expected to rise by 4%, indicating a robust employment market.
The data indicates:
* US Unemployment Rate: 4.1% (Expectation: 4.2 Previous: 4.2) * Non-Farm Payrolls: 256K (Expectation: 165K Previous: 227K)
Impact on Cryptocurrency Markets
The data presents a troubling outlook for risk assets, revealing a stark contrast with ADP figures. This scenario could lead to further downturns in cryptocurrency values and exacerbate fears regarding the Fed’s capacity to implement a single rate cut this year. Following the employment report, the dollar index surged to 109.7, the SPX market faced pre-market declines, and bond yields rose as traders adjusted their forecasts for interest rates.
Recent US economic data significantly impacts the cryptocurrency market, creating uncertainty and pressure on bitcoin and altcoins.
