You can also read this news on BH NEWS: Investors Track Cryptocurrency Developments
Every Sunday, key events impacting cryptocurrency investors are examined, emphasizing the necessity of keeping an eye on upcoming developments. Understanding the reasons behind price changes and preparing for market fluctuations are essential for investors. Missing out on significant events can leave investors unprepared for volatility.
Friday saw BTC prices rise following favorable PCE data, only to plummet after a hacking incident at Japan’s DMM Bitcoin exchange. The initial price move was anticipated, while the latter event caught investors off guard. This underscores the critical need to stay updated with the news and understand the unpredictable nature of cryptocurrency markets.
The upcoming week features several key economic indicators. On Monday, June 3, the US Manufacturing PMI and ISM PMI figures are due, with expectations set at 50.9 and 49.8, respectively. Tuesday will see the release of the US JOLTS report, predicting 8.4 million job openings, and an update from the Mina Protocol in Berkeley. Wednesday’s focus will be on the ADP Non-Farm Employment Change, Services PMI, and a significant meeting of the US Financial Services Committee.
Thursday will bring the US Initial Jobless Claims data, expected at 215,000. Concluding the week, Friday’s data will include the US Average Hourly Earnings, Non-Farm Payrolls, and the Unemployment Rate, with earnings projected to grow by 0.3% monthly, payrolls to increase by 185,000, and unemployment to remain at 3.9%.
Friday emerges as the most critical day, with wage and employment statistics poised to heighten market volatility. Investors should track the unemployment rate, which should rise, alongside a possible reduction in non-farm employment and a slowdown in average earnings growth. The Berkeley update for Mina Coin on Tuesday could also stimulate a temporary price hike. Searching for “Berkeley” will yield further insights.
The ADP data on Wednesday could trigger early volatility as it is a precursor to the Non-Farm Payrolls report. Additionally, Thursday’s meeting in the House of Representatives subcommittee focusing on the tokenization of real-world assets may influence altcoins (including LINK) associated with this sector.