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Crypto market participants, while expecting the approval of a spot Bitcoin ETF in the US with enthusiasm, continue to follow important macro data despite the upward momentum of Bitcoin (BTC) and altcoins. In fact, the strong indicator showing the state of the labor market, which markets eagerly awaited and closely monitored by the Fed, the US October ADP Non-Farm Employment Change data was recently announced.
US ADP Non-Farm Employment Change Data Fell Below Expectations
The US October ADP Non-Farm Employment Change data was announced as 113,000. Expectations were for the data to be announced as 150,000. The September data was announced as 89,000.
The results of non-farm employment changes announced in the US also directly and most significantly affect the global markets as well as the crypto market. In this regard, the monthly ADP Non-Farm Employment Change data, which is announced, is also considered a leading indicator in a very important position and is announced two days before the non-farm employment data of the giants.
How Can the Data Affect the Crypto Market?
The ADP Non-Farm Employment Change data is a measure of monthly employment changes in non-farm, private employment areas based on the payroll data of approximately 400,000 US employees. It is announced two days before the government data and is considered a strong leading indicator before the government’s non-farm employment data.
Indicator data can be quite variable. Higher-than-expected data is generally positive/bullish for the US dollar and negative/bearish for the crypto market. Lower-than-expected data, on the other hand, is generally negative/bearish for the US dollar and can be a positive/bullish signal for the crypto market.
Moreover, the data not only shows the fluctuations in Bitcoin and altcoins, the US dollar, gold, and stocks. It also provides statistics on inflation, housing prices, gross domestic product, and employment. Therefore, hiring, firing, housing sales, and the price of every product consumed can change according to the ADP Non-Farm Employment Change data.
