投资者对就业数据感到不安，因为美国是否正在经历经济放缓，以及美联储随后可能采取的降息措施都存在不确定性。上个月的就业报告出人意料地疲软，引发了全球市场的动荡，包括加密货币市场的暴跌。Bitcoin and other major cryptocurrencies may fluctuate with the stock market's reaction to the upcoming important employment report in the United States.
Zhixun Finance APP has learned that if the short-term correlation between cryptos and the stock market can be used as a reference, then $Bitcoin (BTC.CC)$ and other major digital tokens may fluctuate along with the stock market in response to the upcoming important US employment report.
According to data, the correlation coefficient measuring the 100 largest digital assets with the MSCI Global Equity Index is close to 0.60, which is one of the highest levels in the past two years. A correlation coefficient of 1 indicates assets moving synchronously, while -1 indicates completely inverse correlation.
Investors are concerned about the employment data as there is uncertainty whether the US is experiencing an economic slowdown and the subsequent interest rate cuts that the Fed may take. Last month's employment report unexpectedly weakened, causing turmoil in global markets, including a plummet in the cryptocurrency market.
Currently, it is widely expected that non-farm payrolls in August will increase by 0.165 million and the unemployment rate will remain at 4.2%. The results of this report will provide important clues to investors about the US economic situation and the direction of Fed policy.
Benjamin Celermajer, Co-Chief Investment Officer at Magnet Capital, pointed out, 'Bitcoin's reaction to macro events is highly correlated with stocks.' He mentioned that market sentiment has been 'quite bad' in the past two weeks, with $55,000 being a key support level to watch for Bitcoin.
As of the time of writing, Bitcoin has risen by approximately 0.35%, trading at $56,372 per coin, about $17,000 lower than its historical high in March. Small tokens like Ethereum and Solana also experienced slight gains. The volatility of US equity index futures indicates that caution should be exercised in the market before the release of August non-farm payrolls data.
Earlier this year, funds flowing into US spot Bitcoin exchange-traded funds (ETFs) fueled the surge in the largest digital asset to a historical high. However, the bull market has gradually faded, and ETFs have experienced outflows in recent days.
Cici Lu McCalman, founder of blockchain consultant Venn Link Partners, said, 'The details of tonight's employment report will determine everything.' She pointed out that one risk is that if the data is strong enough, it may suppress market expectations of a Fed rate cut.
Loose monetary policy is generally seen as favorable for speculative assets such as cryptocurrencies. Forecasters expect the employment data to show a rebound in hiring and a slight decline in the unemployment rate, which could signal economic stability after the growth panic triggered by July data.
Editor/Somer
