Crypto Market Faces Crucial Week Ahead of Fed Meeting
The crypto market is set for a crucial week ahead of the Federal Reserve's September meeting. The current market capitalization stands at $2.64 trillion, with CoinMarketCap's Fear and Greed Index at 75.
The ISM Manufacturing PMI and JOLTS job openings data will be released on Monday, providing an early gauge of monetary-policy expectations. A strong performance could lead to higher Treasury yields, a stronger dollar, and increased pressure on the crypto market.
On Tuesday, the US markets will open after a deal with Venezuela, followed by ADP employment data and the Beige Book on Wednesday, services claims, and speeches by Governor Waller on Thursday. The employment report on Friday will be the best indicator of the economy ahead of the Federal Reserve's meeting.
The market is betting on a 57% chance of a September rate hike, but a small miss in payrolls could bring relief to policymakers and help prices. Geopolitical pressure added another challenge, with Brent crude oil prices surging above $90/barrel due to renewed US-Iran hostilities.