According to Odaily, Greeks.live analyst Adam has released the crypto market outlook for the week of September 2 to September 8.
On Monday, September 2, the U.S. stock market will be closed for the day.
On Wednesday, September 4, the Bank of Canada will announce its interest rate decision.
Thursday, September 5, will see the release of three significant data points: U.S. initial jobless claims, U.S. August ADP employment numbers, and the Federal Reserve's Beige Book on economic conditions.
Friday, September 6, is expected to be the most crucial day of the week, with the release of the U.S. August unemployment rate, seasonally adjusted non-farm payroll data, and speeches from Federal Reserve officials. The market currently anticipates a 70% probability of a 25 basis point rate cut and a 30% probability of a 50 basis point rate cut. If economic data this month shows significant pressure, a 50 basis point rate cut is possible.
The cryptocurrency market is currently underperforming, with September historically being a weak month, and this year is no exception. Ethereum (ETH) has been the weakest performer, with gas fees hitting a historic low of just 0.6 Gwei. ETH's weakness has persisted since the second half of this year, with no signs of improvement. In the options market, investor confidence is severely lacking, with implied volatility remaining relatively stable across different maturities. Long-term implied volatility continues to decline slightly, while short-term volatility has seen a minor rebound. Notably, options expiring on November 8 have significantly higher implied volatility compared to other maturities. Given ETH's current performance, investors might consider bearish ratio spreads or cross-currency shorting strategies.
