Markets
Six things to watch this week as Bitcoin price approaches $69,000
This is the last week of jobs data before the start of the Federal Reserve meeting on June 12th.
Investors will be looking at several economic reports that will be incorporated into the Fed’s future policy considerations. Friday’s crucial labor market reports will be one to keep an eye on.
Cryptocurrency markets went through the weekend with very little movement in any case for most digital assets.
Economic events 3-7 June
The May ISM Manufacturing PMI (Purchasing Managers’ Index) report will be released on Monday, showing business conditions in the US manufacturing sector.
This data is considered a reliable leading indicator for assessing the state of the U.S. economy and can be used to help anticipate changing economic trends.
The service sector can be considered more important as it contributes more than 70% to the US GDP. The May ISM Services PMI will be released on Wednesday, which will also serve as a leading indicator of changes in economic conditions.
Friday’s payroll and unemployment reports from the Labor Department’s Bureau of Labor Statistics provide the number of new jobs created over the previous month, along with the percentage of active job seekers.
These are the most significant reports of the week as politicians track these figures which are strongly associated with the overall health of the economy. The Fed also pays close attention to changes in the labor market in determining its policy decisions.
“It will be critical to see whether the US job market continues to cool,” commented Global Macro Investor before adding:
“Wall Street analysts predict that 180,000 new jobs will be added and that the unemployment rate will remain at 3.9%. Meanwhile, revised US labor market data already points to a recession.”
Cryptocurrency market outlook
This week’s economic and jobs reports are unlikely to have a significant impact on the larger cryptocurrency markets closely influenced by CPI inflation reports.
The total market capitalization has not moved much in recent days and remains at $2.68 trillion.
However, Bitcoin prices began to move higher during the Asian trading session on Monday morning, adding 1.4% on the day to reach $68,619 at the time of writing. It has remained tightly confined since failing to surpass $70,000 again in late May.
Ethereum recovered small losses to return to $3,800 and altcoins remained mostly stable, aside from Toncoin which gained 10% in the last 24 hours.