About 88,000 new US jobs could shape the crypto market this week. Investors are watching Friday's US employment report closely to see if the rebound in July for cryptocurrencies holds. A moderate increase in hiring, paired with steady unemployment at 4.2%, might ease recession fears without pushing the Fed toward higher interest rates.
Besides jobs data, the US Treasury’s debt sales plan is under scrutiny. JPMorgan’s strategist Jay Barry expects no change in borrowing auctions, which would keep interest rates stable. Were debt sales to rise unexpectedly, borrowing costs could climb, casting a shadow over household finances and crypto investments.
Meanwhile, several crypto companies, including Circle and Galaxy, will release earnings, potentially adding volatility. The Bitcoin network also faces a test with the miner-signaling period for BIP-110 starting soon. With less than 3% backing, this proposal likely won’t affect Bitcoin’s main chain but could activate a small alternative chain instead.
This week also marks the shutdown of Ctrl Wallet’s sending, receiving, swaps, and decentralized app access, signaling a shift in user options. Key US economic indicators, including ISM Manufacturing and Services PMIs and Treasury refunding announcements, will further influence market sentiment.
This material is informational and not financial advice.
