Crypto Market Anticipates Impact from U.S. Job Data Release
- Wall Street estimates a rise of 50K in U.S. nonfarm payrolls for September, up from 22K in August.
- The U.S. unemployment rate is projected to remain steady at 4.3%.
- Average hourly earnings are expected to increase by 0.3%, keeping the annual rate unchanged at 4.7%.
- The CME FedWatch tool indicates a 33% probability of a Fed rate cut in December, down from 50.1%.
- Bitcoin is currently trading at $91,615, with a low of $88,526 and a high of $93,025 over the past day.
- Top altcoins Ethereum (ETH) and XRP are trading at $3,000 and $2.11, respectively.
The upcoming jobs data release on November 20 could significantly influence the direction of the Bitcoin price and overall crypto market, especially following the recent government shutdown that affected previous reports.
As markets adjust to lower odds for a December Fed rate cut, Bitcoin’s price fluctuations reflect potential volatility ahead of key employment figures.(Source)
