TL;DR
- This week, markets will be watching U.S. economic events that could influence the price of Bitcoin and other cryptocurrencies.
- On Tuesday, the ISM Manufacturing PMI report could indicate weakness in the manufacturing sector, which would benefit Bitcoin as a safe haven.
- On Friday, employment data and the unemployment rate will be published, which could strengthen the dollar and negatively impact the crypto market.
Financial markets will be closely monitoring a series of U.S. economic events this week that could affect the performance of cryptocurrencies. Key data on employment, manufacturing, and services sector activity will provide signals about the economy, which could impact Bitcoin’s price and other digital assets.
Events by Day and Forecasts
On Tuesday, the ISM Manufacturing PMI index will reflect the state of the manufacturing sector, with forecasts indicating a slight increase to 50.6. A weaker result could weaken the dollar, favoring Bitcoin and the crypto market. The JOLTS report, which measures job openings, will also be released. It is expected that the figure will remain stable around 7.65 million. A strong labor market would indicate economic resilience, but if vacancies decline, investors may seek alternative assets.
Another event will take place on Thursday, when the unemployment claims report will show how many people have applied for economic support after losing their jobs. A slight increase is expected compared to the previous week, indicating some deceleration in hiring. Additionally, the ISM Services PMI index will offer insights into the services sector, which plays a key role in economic growth. A decline to 52.5 is expected, which could signal less dynamism in the economy and U.S. markets.
Changes in Fed Interest Rates?
The final event to consider will take place on Friday, when the non-farm payrolls (NFP) report will be released, measuring job creation in sectors outside of agriculture. Analysts expect more than 250,000 new jobs, with the unemployment rate decreasing to 4%. Strong figures could strengthen the dollar and trigger a change in Federal Reserve policies. That same day, Jerome Powell will give a speech where he may provide more details on potential interest rate changes.
The crypto market is having a good day, with a total capitalization of $2.73 trillion. Most cryptocurrencies are in the green today. An economic weakening could increase demand for Bitcoin and other digital assets as a safe haven against uncertainty. However, if the employment data is positive, the strengthening of the dollar could slow down the crypto market’s growth.
