The crypto market is on edge, awaiting key events next week, especially the release of U.S. job data. Investors are eyeing this data to gauge the likelihood of Federal Reserve rate cuts, which could significantly impact Bitcoin and altcoins.
Key Event: U.S. Job Data Set for Friday, September 6, the job report is crucial for predicting the Fed’s next move. Estimates suggest a rise in non-farm payrolls to 162,000 for August and a slight drop in unemployment to 4.2%. While mixed data might not change the Fed’s expected rate cut, unexpected figures could sway their decision, influencing market sentiment.
Fed Officials’ Remarks Following the job data, remarks from Fed officials, including New York Fed President John Williams and Fed Governor Christopher Waller, will be closely watched for clues on future policy, affecting both crypto and broader markets.
Market Outlook Cryptos have been volatile, with Bitcoin and altcoins seeing significant declines. If bearish trends persist, Bitcoin could dip to $50,000 in September. However, optimism remains due to cooling inflation and speculation of a potential Fed rate cut, with a 70% chance of a 25 bps cut and 30% betting on 50 bps.
