BTC and ETH are under pressure: This week is going to be very tense.

$BTC and $ETH are both down on Friday due to negative economic data from the US, adding to the pressure on the market.

#Bitcoin (BTC) is trading at $54,700 as of writing and has gained 0.64 percent in the last 24 hours. Ethereum (ETH) is changing hands at around $2,290, up 0.17 percent.

On Friday, the latest US nonfarm payroll (NFP) data, a vital indicator of the country’s employment, inflation and overall economic health, was released. The US NFP increased by 142,000 in August, falling below the market expectation of 160,000.

“The NFP results need to be almost perfect for cryptocurrencies to see an uptick,” said Augustine Fan, a founding partner at SOFA.org. “But we had one of the worst results. The repricing of risk sentiment pushed BTC and ETH lower,” he added.

#BTC fell to around $52,850 on the day of the economic data release, while #ETH briefly fell to $2,160 on Friday. “The lower unemployment figures have eased concerns about an impending recession, but the lower-than-expected payrolls data seems to be dominating market sentiment right now,” said Lucy Hu, senior analyst at Metalpha.

Hu at Metapha said that Bitcoin’s volatility will continue until the next Fed meeting. The next Federal Open Market Committee meeting is scheduled for September 17-18.

“Without positive signals in the short term, there could be more risk reductions next week,” said Fan at SOFA.org. “The focus will be on the US Presidential Debate on Tuesday, which will also feature inflation data and central bank speeches from around the world.

US presidential candidates #DonaldTrump and #KamalaHarris are expected to hold their first televised debate, with recent polls showing the two neck and neck. BTC was one of the main topics of the upcoming November elections but was not mentioned in the previous debate between Trump and incumbent US President Joe Biden.