US Jobs Reports Put Bitcoin’s September Price Move in Focus This Week
US Jobs Reports Put Bitcoin’s September Price Move in Focus This Week
Across crypto markets, total capitalization stood at $2.68 trillion, down -1%, while trading volume reached $642.54Bn, up 102.51%, according to CoinGecko data.
Ethereum traded at $2,440, down -0.2%, and XRP was at $1.36, down -2%. The Altcoin Season Index stood at 24, which is characterized as Bitcoin season. ETF flows were negative $151.70M, while total liquidations reached $391.92M, including $276.74M in long liquidations and $115.17M in short liquidations.
The Fear and Greed Index is at 62, in Greed territory. The reading can be interpreted as an increase in volume and open interest, a sign that traders were positioning ahead of the jobs data rather than reacting after its release.
Possible Bitcoin Responses to the Jobs Data
Weaker jobs data or a rise in unemployment could reduce expectations for a September rate increase and support a hold. Under that outcome, CoinGabbar's assessment suggests that Bitcoin and the wider crypto market could find support from expectations of easier policy conditions.
Mixed reports could leave the market closely divided between a hold and a 25-basis-point increase, keeping attention on further economic data and Fed communications before the September meeting.
A strong payrolls report or firmer labor indicators could increase rate-hike expectations. If a hike becomes more likely, the higher borrowing costs associated with tighter policy could add pressure to Bitcoin and other risk assets, according to CoinGabbar.
This article has been published in 99bitcoins.com via Yahoo News.
US Jobs Reports Put Bitcoin’s September Price Move in Focus This Week
Bitcoin (BTC) sat at $78,000, down -0.2% on the day, as a packed week of US labor and activity data could reshape expectations for the Federal Reserve’s September rate decision. On Kalshi, traders priced a close split for the September 15–16 Federal Open Market Committee meeting: 53% odds of a ...
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