The cryptocurrency markets have not been experiencing good days for months, reflected in seller dominance metrics. News-driven fluctuations, especially positive developments, are much shorter. Investors need to be much more vigilant about some important developments in the coming days.
What to Know
Yesterday, the US markets were closed due to Labor Day, and there was no significant development today. However, we will see things that concern investors for the rest of the week. The issue related to the surplus supply on the Mt Gox front has been largely resolved. On the other hand, the process for FTX cash returns is expected to be completed by the end of the year, supporting the markets.
Events on September 4
- 17:00 US JOLTS Job Openings (Expectation: 8M Previous: 8.184M) - 21:00 Fed Beige Book - Chiliz Will Make a New Announcement
Events on September 5 and 6
- 15:15 ADP Non-Farm Employment (Expectation: 136K Previous: 122K) - 15:30 Unemployment Claims (Previous: 231K) - 16:45 US Services PMI (Expectation: 55.2 Previous: 55) - Aptos South Korea Event (September 5-6) - 15:30 US Non-Farm Employment (Expectation: 164K Previous: 114K) - US Unemployment Rate (Expectation: 4.2% Previous: 4.3%) - 15:45 Fed/Williams Will Speak - 18:00 Fed/Waller - IMX Unlocking ($40 Million)
This week’s PMI data will indicate contraction or expansion in relevant economic areas. Employment data will be crucial, as the Fed sees an unemployment rate above 4.1% as a risk; a surprise above-expectation data could bring a 50bp cut for this month to the table. Besides all this, new news from Japan could trigger global fluctuations again. Historical data suggests that September is a very suitable period for a decline similar to August. The trigger could be Harris making an anti-crypto statement or the SEC announcing a new crypto case. And another surprise we can’t predict.
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