Bitcoin and altcoins remained under selling pressure after the Non-Farm Employment Change (ADP) data from the USA, which was well above expectations. #Bitcoin , which rose above 31 thousand dollars before the data was announced and was based on 31 thousand 500 dollars, was pulled down to 29 thousand 892 dollars after the data was much higher than expectations. Some altcoins fell by double digits. #Kripto In the money market, all eyes are now on 3 critical data that will come from the USA at 15.30 today.
The Eyes of the Cryptocurrency Market are on 3 Critical Data from the USA
While the cryptocurrency market continues to show sensitivity to macroeconomic data, Non-Farm Employment, Unemployment Rate and monthly Average Hourly Earnings data, which are 3 critical data regarding the labor market that the Fed considers as an important inflation indicator, will be announced today at 15.30.
Non-Farm Employment data, which was 339 thousand in May, is expected to be 225 thousand in June. The fact that the data showing the changes in the number of working people in the last month, except for the agricultural industry, came above expectations is positive for the US dollar and negative for risky assets such as Bitcoin and altcoins.
The Unemployment Rate data, which is the second important data to be announced today, is expected to be 3.7 percent. The Unemployment Rate data, which came in at 3.7 percent in May, shows the percentage of the total work force who were unemployed and actively looking for work in the last quarter. Data coming in below expectations is a positive sign for the US dollar and a negative sign for risky assets such as BTC and altcoins.
On the other hand, the third and another important data to be announced today at 15.30 will be the Average Hourly Earnings data for June. Average Hourly Earnings data, which was announced as 0.3 percent in May, is expected to be 0.3 percent in June. While the data showing the inflation rate in wages paid in non-agricultural employment coming in above expectations has a positive effect for the US dollar, it has a negative effect for risky assets such as Bitcoin and altcoins.
How Will Data Affect Bitcoin and Altcoins?
The fact that ADP data is well above expectations shows that the labor market in the USA continues to remain strong, without deteriorating as much as the Fed expects. The fact that ADP is high can be interpreted as Non-Farm Employment data may also be high and exceed expectations. However, the Unemployment Rate is expected to be in line with expectations or even remain below expectations.
When the expectations for the three issuers are put together, a not-so-positive situation emerges for the cryptocurrency market. Market observers warn investors that volatility will increase in Bitcoin and altcoins before and after the data, and that selling pressure may prevail if there are no surprises.
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