U.S. July Employment Data Release Influences Crypto Market Trends
Key Points:
Fed’s decision influenced by U.S. July jobs report.
Crypto market anticipates volatility from employment data.
Potential shifts in Federal Reserve’s rate cut outlook.The U.S. July employment report is slated for release at 8:30 PM Beijing time, with a forecasted addition of 110,000 jobs and a slight unemployment increase to 4.2%.The report’s outcome could influence Federal Reserve policy, impacting the U.S. dollar, gold prices, and major cryptocurrencies like Bitcoin .
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U.S. July Employment Data Release Influences Crypto Market Trends
Key Points:
Fed’s decision influenced by U.S. July jobs report.
Crypto market anticipates volatility from employment data.
Potential shifts in Federal Reserve’s rate cut outlook.
The U.S. July employment report is slated for release at 8:30 PM Beijing time, with a forecasted addition of 110,000 jobs and a slight unemployment increase to 4.2%.
The report’s outcome could influence Federal Reserve policy, impacting the U.S. dollar, gold prices, and major cryptocurrencies like Bitcoin and Ethereum.
110,000 Jobs Expected as Employment Data Released
The U.S. employment data release scheduled for Friday evening is expected to show a moderate gain of 110,000 jobs, a drop from June’s figure. Jerome Powell, Chair of the Federal Reserve, abstained from offering specific guidance in his recent statement, maintaining a wait-and-watch approach as emphasized in his remarks earlier this week.
A rise in unemployment from 4.1% to 4.2% is anticipated, along with a 0.3% increase in average hourly wages. The employment report could shape expectations about the Federal Reserve’s stance on interest rates, with lower-than-expected data potentially prompting dovish sentiment and impacting the U.S. dollar. Analysts suggest strong data exceeding 150,000 jobs would support dollar strength.
Cryptocurrency markets are showing resilience ahead of this anticipated report, as highlighted by a reduction in the Federal Reserve rate-cut probability from 68% to 45%. “The market’s expectation for a rate cut by the Federal Reserve in September was as high as 68%, but this probability has now plummeted to only 45%. Despite such a significant adjustment in policy expectations, the market has not seen a more severe sell-off, reflecting the resilience of investor sentiment, or perhaps still waiting for more confirmation signals,” says Jin Shi, Analyst, Market Commentary.
BTC and ETH React as U.S. Economic Data Looms
Did you know? U.S. jobs data has historically swayed the Federal Reserve’s rate decisions, often reinforced by crypto market volatility, with BTC and ETH showing increased activity immediately after such reports.
Bitcoin (BTC) is priced at $113,485.53 with a market cap over $2.26 trillion. Daily trading volumes reached $92.34 billion, marking a 33.54% change. BTC’s 24-hour price dropped by 2.23%, with a long-term 90-day gain reported at 18.21%, according to CoinMarketCap.
$BTC $DOGS $ETH
Future plans on $UNITE
It seems like $UNITE is associated with Tower Unite, a game developed by PixelTail Games. Here are some future plans for Tower Unite ¹:
- Post-1.0 Updates: The game has exited Early Access, and the developers are committed to transparency, regular updates, and community engagement.
- *New Features*:
- *Pets*: Players can adopt and care for pets, including cats and dogs, which can be named and interacted with.
- *Cafe Miaou*: A new store where players can adopt cats.
- *Dog Park*: A designated area in the Plaza for adopting dogs.
- *Game Worlds and Maps*:
- *The Elevator*: A new standalone game and sequel to Elevator: Source, with extended gameplay and 6+ player multiplayer.
- *Future Game Worlds*: Planet Panic, Death Run, and a horror Game World are in development.
- *New Maps*: Accelerate: Moon City, Virus: Theme Park, and SDNL: Skyline are upcoming.
- *VR Support*: Ongoing development for VR mode, with progress being made steadily.
- *Community Condos*: Players can host dedicated condos with custom maps and items, with editing support coming in stages.
- *Website Refresh*: A website revamp is planned for the near future.
These updates aim to enhance gameplay, community engagement, and overall user experience.
$UNITE