Cryptocurrency markets have not been experiencing good days for months, reflected in seller dominance metrics. News-driven fluctuations, especially positive developments, are much shorter. Investors need to be much more vigilant about some important developments in the coming days because we have experienced this many times before.
Important Developments in Cryptocurrencies
Yesterday, the US markets were closed due to Labor Day, and there was no significant development today. However, we will see things that concern investors for the rest of the week. The issue related to the surplus supply on the Mt Gox front has been largely resolved. On the other hand, the process for FTX cash returns is expected to be completed by the end of the year, supporting the markets. So, what are the other developments?
September 4, Wednesday
- 17:00 US JOLTS Job Openings (Expectation: 8M Previous: 8.184M)
- 21:00 Fed Beige Book
- Chiliz Will Make a New Announcement
September 5, Thursday
- 15:15 ADP Non-Farm Employment (Expectation: 136K Previous: 122K)
- 15:30 Unemployment Claims (Previous: 231K)
- 16:45 US Services PMI (Expectation: 55.2 Previous: 55)
- Aptos South Korea Event (September 5-6)
September 6, Friday
- 15:30 US Non-Farm Employment (Expectation: 164K Previous: 114K)
- US Unemployment Rate (Expectation: 4.2% Previous: 4.3%)
- 15:45 Fed/Williams Will Speak
- 18:00 Fed/Waller
- IMX Unlocking ($40 Million)
What to Watch Out For?
This week’s PMI data will indicate contraction or expansion in relevant economic areas. One of the triggers for interest rate cuts was recession concerns, and risk markets perform negatively in an economic downturn. Employment data will be crucial, as the Fed sees an unemployment rate above 4.1% as a risk; a surprise above-expectation data could bring a 50bp cut for this month to the table.
Fed members will be speaking throughout the week, and the market will closely watch their final messages before the meeting. Besides all this, new news from Japan could trigger global fluctuations again. Historical data suggests that September is a very suitable period for a decline similar to August. The trigger could be Harris making an anti-crypto statement or the SEC announcing a new crypto case. And another surprise we can’t predict. Will we see a surprise rise when everyone is so ready for a fall? We can’t see the future, and crypto is full of surprises.
