As a seasoned analyst with decades of market experience under my belt, I can confidently say that September is shaping up to be a rollercoaster ride for the cryptocurrency market. My crystal ball tells me that this month will be filled with economic data releases that could sway the market like a pendulum.
Preparing for a potentially turbulent September in the world of cryptocurrencies, as significant economic reports, particularly those focusing on employment statistics, could significantly influence the behavior of digital assets due to their impact on market trends.
Here are some significant happenings this month that may significantly shape both the digital assets sector and traditional markets. This week’s primary concern revolves around employment statistics, as several reports with potential market influence are due. The recent downward adjustments in employment predictions have sparked concerns about a possible economic downturn, suggesting a shrinking job market.
This week, the focus in the market appears to be strongly on employment data. In other words, it seems that forecasts are leaning towards a weakening labor market following the recent downward revision. Therefore, given this context, there might be a heightened likelihood of increased volatility in outcomes if…
— Skew Δ (@52kskew) September 2, 2024
Historically, a recession often occurs when the proportion of job creation in the private sector drops below 40%. Recent figures hint that this mark could be reached soon, causing unease among investors. As the new week starts, attention turns to the ISM Manufacturing report due on Tuesday, as it offers insights into the health of the manufacturing industry.
On Wednesday, you’ll find insights about the employment market and manufacturing sector from the Job Openings and Labor Turnover Survey (JOLTs) and Factory Orders. The non-farm payrolls (NFP) report, expected to significantly influence markets, will be released on Friday. However, data on jobless claims, challenger job cuts, and ISM services on Thursday have already set the tone for the economic landscape.
1. Experts will closely monitor the unemployment rate, average wage per hour, and Friday’s Non-Farm Payroll (NFP) figures for any signs of deviations from projections. If job growth exceeds expectations, there could be significant market turbulence across various asset types, including cryptocurrencies, due to the prevailing bearish sentiment regarding employment conditions.
Two scenarios may unfold regarding digital assets. If the job market turns out weaker than expected, it might fuel concerns about a potential economic downturn, prompting individuals to seek safety in less volatile investments, potentially impacting volatile assets such as cryptocurrencies negatively.
Read More
- ENA PREDICTION. ENA cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD PHP PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD ZAR PREDICTION
- USD COP PREDICTION
- WIF PREDICTION. WIF cryptocurrency
- EUL PREDICTION. EUL cryptocurrency
- EUR NZD PREDICTION
2024-09-02 11:42