Crypto Market Seesaws Ahead of Job Data and Inflation Figures

The crypto market has retreated ahead of major US economic data releases, including this week's job data and next week's CPI and PPI inflation figures.

Market commentator Walter Bloomberg notes that JPMorgan sees monthly US job creation between 30,000 and 70,000 as the 'sweet spot' for payrolls data, which is currently expected to be around 53,000 new jobs in August.

JPMorgan believes that the upcoming US CPI will be more crucial than the US job data this week, with investors waiting for insights on the potential Fed rate hike move.

The market is already pricing in a potential Fed rate hike in September, with the odds at 64.2% according to the CME FedWatch Tool, which has weighed on the crypto market sentiment and impacted crypto stocks recently.