U.S. Economic Key Events Could Decide Bitcoin’s Next Big Move

The US economic calendar may be shortened by the Labor Day holiday, but this week is packed with labor market updates that could move both traditional markets and crypto. With Bitcoin sliding under $107,500 and Ethereum struggling to hold $4,400, the stakes couldn’t be higher. The total crypto market cap dropped 2% to $3.8 trillion, dragging altcoins like XRP, Solana, Dogecoin, Cardano, Chainlink, and Sui deeper into the red, dimming hopes for a near-term altseason rally.

JOLTS Job Openings: Liquidity on the Line

The week kicks off with Wednesday’s JOLTS job openings report. Economists expect July’s data to hold steady at 7.4 million. If the labor market remains firm, the Fed may feel less pressure to cut rates, which could strengthen the US dollar but squeeze liquidity, usually a bearish setup for Bitcoin and other risk assets.

Thursday’s ADP private payrolls data will be closely watched. After July surprised with 104,000 new jobs, August is...

2.43K

The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.