- Weak U.S. job data preview sparks crypto market interest.
- BTC and ETH rise amid anticipated USD weakness.
- Gold correlation noted, market eyes Fed rate moves.
Market Analyst Fawad Razaqzada’s preview of the U.S. November Non-Farm Payrolls suggests weak data, potentially affecting Federal Reserve rate cut expectations and boosting gold prices.
Weak employment data may lead to USD decline, prompting BTC and ETH price increases, impacting markets across risk and gold-correlated cryptos.
U.S. Employment Data Forecast to Influence Fed Policy
The potential implications of weaker payrolls data include increased speculation of a Federal Reserve rate cut, which may lead to a supportive environment for risk assets. Market participants are actively positioning themselves as they investigate future liquidity and monetary policy impacts.
Social media is abuzz with cryptocurrency influencers weighing in. Arthur Hayes predicts, “Weak NFP = Powell pivot incoming. BTC to 100k by EOY if jobs data flops.”
Bitcoin and Ethereum Poised for Movement Amid Data Release
Did you know? Historically, when the U.S. job market posts weaker-than-expected data, BTC often sees a surge, as demonstrated during various 2024 instances increasing by as much as 5% within 48 hours.
According to CoinMarketCap, Bitcoin’s current valuation stands at $86,080.91, with a market cap of 1.72 trillion. Recent price trends have shown a downward trajectory in the last 90 days, dropping by 26.4%. Market sentiment remains cautious, with a trading volume shift of 10.40%.
The Coincu research team provides insights suggesting potential shifts in the cryptocurrency landscape due to macroeconomic factors. Historically, trends exhibit an uptick in BTC valuation during similar scenarios, accentuating the ongoing debate around cryptocurrency’s hedge potential and integrating insights from Bitcoin HQ.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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