COINTURK NEWSCOINTURK NEWSCOINTURK NEWS
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Search
© 2024 COINTURK NEWS. All Rights Reserved.
Reading: Crypto Market Faces Pressure Following Unexpected US ADP Employment Data
Share
Languages
  • TürkçeTürkçe
  • EspañolEspañol
Font ResizerAa
COINTURK NEWSCOINTURK NEWS
Font ResizerAa
Search
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
COINTURK NEWS > Cryptocurrency News > Crypto Market Faces Pressure Following Unexpected US ADP Employment Data
Cryptocurrency News

Crypto Market Faces Pressure Following Unexpected US ADP Employment Data

In Brief

  • Bitcoin and other altcoins remained under selling pressure following the release of the ADP Employment Change data from the US, which greatly exceeded expectations. Prior to the release of the data, Bitcoin, which had climbed over 31,000 dollars and neared 31,500 dollars, receded to 29,892 dollars after the data surpassed expectations. Some altcoins suffered double-digit […]
İlayda Peker
İlayda Peker 2 years ago
Share
SHARE

Bitcoin and other altcoins remained under selling pressure following the release of the ADP Employment Change data from the US, which greatly exceeded expectations. Prior to the release of the data, Bitcoin, which had climbed over 31,000 dollars and neared 31,500 dollars, receded to 29,892 dollars after the data surpassed expectations. Some altcoins suffered double-digit losses. The crypto market’s attention is now turned to the release of three critical pieces of data from the US today at 15:30. 

Contents
Crypto Market Awaits 3 Critical Data from the USHow Will the Data Affect Bitcoin and Altcoins?

Crypto Market Awaits 3 Critical Data from the US

The crypto market continues to display sensitivity to macroeconomic data. Today at 15:30, the Non-Farm Payroll, Unemployment Rate, and Average Hourly Earnings data, all three critical indicators of labor market conditions and significant inflation indicators for the Federal Reserve, will be released. 

The Non-Farm Payroll data for June is expected to come in at 225,000, following May’s 339,000. The release of data surpassing expectations, which reflects changes in the number of employed individuals outside of the agriculture industry in the past month, tends to be positive for the US dollar and negative for risky assets like Bitcoin and altcoins. 

The second important data to be released today is the Unemployment Rate, expected to be 3.7%. The Unemployment Rate data for May came in at 3.7%, indicating the percentage of total labor force that is jobless and actively seeking employment in the last quarter. If the data falls short of expectations, it is generally positive for the US dollar and negative for risky assets like Bitcoin and altcoins. 

The third and another significant piece of data to be released today at 15:30 is the Average Hourly Earnings for June. The May data for Average Hourly Earnings, which shows the rate of inflation in wages paid in non-farm employment, was 0.3%, and it is expected to come in at 0.3% for June as well. When this data surpasses expectations, it has a positive impact on the US dollar and a negative effect on risky assets such as Bitcoin and altcoins. 

How Will the Data Affect Bitcoin and Altcoins?

The fact that the ADP data came in much higher than expectations indicates that the labor market in the US continues to remain strong without deteriorating at the level anticipated by the Federal Reserve. The high ADP figure could be interpreted as a precursor to a similarly high Non-Farm Payroll figure that could exceed expectations. In addition, the Unemployment Rate is also expected to come in line with expectations or even fall below them. 

When expectations for all three indicators are combined, a rather challenging situation emerges for the crypto market. Market observers warn investors that volatility in Bitcoin and altcoins may increase before and after the data, and if there are no surprises, selling pressure could prevail. 

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

You Might Also Like

Bitcoin Trades Rapidly in Narrow Price Range

Ethereum ETFs Witness First Withdrawal After Unprecedented Investment Surge

Crypto Markets Expect Gains as Economic Winds Shift

How A Turbulent Israel-Iran Incident Shakes Financial Markets

Crypto Market Optimism Grows with New Developments in the US

İlayda Peker 7 July, 2023 - 8:45 am 7 July, 2023 - 8:45 am
Share This Article
Facebook Twitter
Share
İlayda Peker
By İlayda Peker
Follow:
Uluslararası İlişkiler ve Siyaset Bilimi Mezunu, Kitap sever.
Previous Article Binance’s Crypto Reserves: Impact on XRP and SHIB Coin Holders Amid Regulatory Pressure
Next Article High-ranking Binance Officials Resign Amid Regulatory Pressure 
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

8.1k Like
21.1k Follow
1.1k Follow

Latest News

XRP Price Holds Steady Despite Geopolitical Strains
Ripple (XRP)
Bitcoin Trades Rapidly in Narrow Price Range
Bitcoin (BTC) Cryptocurrency News
Bitcoin Prices Could Skyrocket with Institutional Embrace, Declares CEO
Bitcoin (BTC)
Ethereum ETFs Witness First Withdrawal After Unprecedented Investment Surge
Cryptocurrency News Ethereum (ETH)
//

COINTURK was launched in March 2014 by a group of technology enthusiasts who believe that Bitcoin will be as important as the internet in the world of the future thanks to the amazing technology underlying it.

CRYPTOCURRENCY LIVE PRICES

  • Bitcoin (BTC) Live Price
  • Ethereum (ETH) Live Price
  • Ripple (XRP) Live Price
  • Solana (SOL) Live Price
  • Dogecoin (DOGE) Live Price
  • Cardano (ADA) Live Price
  • Chainlink (LINK) Live Price

OUR PARTNERS

  • COINMARKETCAP
  • COINGECKO
  • BITCOINHABER
  • BH NEWS
  • 21MILYON
  • NEWSLINKER

OUR COMPANY

  • About Us
  • Cookie Policy
  • Advertising
  • Contact
COINTURK NEWSCOINTURK NEWS
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
Welcome Back!

Sign in to your account

Lost your password?