Crypto Market Faces Crucial Week Ahead of Fed Rate Decision
The cryptocurrency market is bracing for several key events this week that could determine whether bulls regain control.
Bitcoin price has traded above $78,600, while Ethereum changed hands near $2,440 and XRP held around $1.37.
The current market capitalization reached $2.64 trillion, and CoinMarketCap's Fear and Greed Index registered 75 during Monday trading.
This week's events will be closely watched for their impact on the Federal Reserve's interest rate decision in September.
On Tuesday, ISM Manufacturing PMI and JOLTS job openings data are due at 10:00am ET, which could indicate whether employers are still demanding a lot of workers. If the results are strong, Treasury yields may rise, the dollar may strengthen, and the cryptocurrency market may come under pressure.
The US employment report on Friday will be the best sign of labor market strength ahead of the Federal Reserve's September 15-16 meeting, with economists anticipating 50,000 new nonfarm payrolls after the economy unexpectedly lost 23,000 positions in July.