Crypto Market Awaits US Job Data, Fed Officials Remark In Focus

The crypto market eagerly awaits crucial events for next week, including the US job data. The employment figures would be one of the closely watched data for next week

The crypto market is gearing up for a pivotal week ahead, with the US employment figures taking center stage. The closely watched data will be crucial in shaping expectations for the upcoming Fed rate cuts, which will also influence the performance of Bitcoin and altcoins in the coming days.

Moreover, several Fed officials are expected to speak next week, providing further insights on the US central bank's upcoming stance with their policy rate plans.

Crypto Market Awaits US Job Data

The US Job Data is scheduled for Friday, September 6, and will be keenly observed by investors. It will set the tone for the US Federal Reserve’s upcoming stance with their policy rate plans.

According to market estimates, the US unemployment report is expected to show an increase to 162,000 for August, compared to 114,000 in the prior month. Meanwhile, the monthly unemployment rate is anticipated at 4.2%, down from the 4.3% figure observed in July.

The employment data is crucial in gauging the nation's economic health. Typically, cooling non-farm payroll data, coupled with a rising unemployment rate, tends to bolster the crypto market sentiment.

In this case, the mixed data is largely expected to be fully priced in the market, with no anticipated impact on the upcoming Fed rate cut plans in September. However, if the data shows any unexpected results, it could alter the central bank's upcoming stance with their rate cut plans, potentially impacting the broader market sentiment.

US Fed Officials Remark In Focus

Besides the key economic data, some Fed officials are scheduled to speak following the employment report release next week. For example, New York Fed President John Williams is set to speak just after the release of the US Job data on September 6.

Furthermore, Fed Governor Christopher Waller is also expected to speak on the same date. The crypto market, along with the broader financial sector, will be closely monitoring their remarks for any potential cues on the central bank’s upcoming stance.

Recently, Fed Chair Jerome Powell hinted towards a potential rate cut in September.

Bitcoin & Altcoins To Rally?

The past week has been highly volatile for the crypto market, with Bitcoin and other top altcoins experiencing a significant decline. Additionally, historical data suggests that Bitcoin price could dip to as low as $50,000 if the bear momentum continues in September.

While these above-mentioned events will be crucial for the central bank’s upcoming decision, the recent US PCE Inflation data showed a cooling inflation, which has instilled optimism in the market.

According to the CME FedWatch Tool, there is a 70% probability of a 25 bps rate cut by the Federal Reserve in September. In contrast, the remaining 30% are betting towards a 50 bps rate cut at the central bank’s upcoming meeting.

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