Bitcoin and altcoin prices suffered a sharp decline at the end of the week, with the fear and greed index remaining in the fear zone. Key events are expected to impact the market next week.
Trump's Tariffs
Next week, President Donald Trump is set to impose reciprocal tariffs on major U.S. trading partners. These tariffs aim to counter what Trump views as unfair duties and non-tariff barriers. The European Union is considering concessions, while China plans countermeasures. Economists warn that these tariffs could harm American manufacturers by raising costs and affecting overseas business. With decreasing consumer spending and business investments, experts suggest an increased risk of recession for the U.S.
US Employment Data
Friday's nonfarm payrolls data from the U.S. is another key catalyst. Economists expect the economy to have created 128,000 jobs in March, down from 151,000 the previous month. The unemployment rate is projected to rise to 4.2%. Historically, employment data has affected crypto and stock markets due to its impact on the Federal Reserve.
Potential Market Impact
On Tuesday, expect Bitcoin and altcoin prices to react to Trump's tariffs. In theory, these assets may continue to fall if the tariffs are implemented. However, prices might rebound if deals are made with certain countries. The employment data release could also influence the Fed's interest rate decisions, affecting the markets.
The cryptocurrency market is on the lookout for major news such as tariff implementations and employment data that could influence its movement.
