Latest Situation in Bitcoin and Altcoins Before Critical Data from the USA
It is predicted that non-agricultural employment data for June, which will be announced shortly in the USA, will bring volatility in Bitcoin (BTC) and cryptocurrencies.
US non-farm employment data will be announced today at 15.30 GMT. It is thought that the data in question will have a significant impact on the direction of the cryptocurrency market in general.
According to many market experts, non-agricultural employment data is as important as inflation data for interest rate decisions. Experts estimate that the course of the labor market seriously affects the interest rate decision to be taken by the US Federal Reserve (FED).
The previous data was 272 thousand, well above expectations. Expectations for the data to be announced today are 191 thousand.
If the data expressing the change in people working in June, except for the agricultural industry, moves upward, there may be an increase in the value of the dollar. An increase in the dollar index (DXY), which moves in reverse correlation with Bitcoin, will negatively affect the cryptocurrency market.
Since the last announced data remained above expectations, it triggered a sudden decline in Bitcoin price.
Latest Situation in Cryptocurrencies Before the Data to Be Announced
There have been major declines in the cryptocurrency market for several weeks. In the last 24-hour period, Bitcoin is trading at $ 55,583, down 3.6%.
More negative movements were observed in major altcoins compared to Bitcoin. Ethereum (ETH) is down 6.9% to $2,943, Ripple (XRP) is down 7.9% to $0.413, Solana (SOL) is down 2.5% to $129, and BNB (BNB) is down 7.7% to $484.
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