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The crypto market started the month well, with the valuation of all coins rising to $3.8 trillion. Bitcoin price rose to $109,000, while smaller tokens jumped by 75 basis points. This article looks at some of the top crypto news impacting their performance this week.
Crypto Market to React to US NFP Data
This week’s most important crypto market news is the upcoming US jobs report. First, the Bureau of Labor Statistics (BLS) will release the latest job vacancies data on Wednesday. This report shows the number of vacancies in the economy, which can help to determine its health.
ADP will then publish the private sector payroll data on Thursday. Economists polled by Reuters expect the data to show that the sector created 68,000 in August after adding 104,000 in the previous month.
The most important jobs report will come out on Friday when the BLS publishes the official jobs numbers. This report will move the crypto market because of the impact of interest rates later this month.
In his speech at the Jackson Hole Symposium, Jerome Powell noted that the bank would consider cutting interest rates because of the weakening labor market. As such, a weak report will confirm this outlook, a move that would benefit the crypto market, which favors an easy money environment.
US Manufacturing and Services PMI Data
Another minor catalyst for the crypto market this week will be the August manufacturing and services PMI numbers. These important survey numbers measure the economy’s health, with figures above 50 signaling an expansion.
The ISM manufacturing PMI report is expected to come in at 49, an improvement from the previous month’s 48. While this improvement is good, it means that the sector is still not doing well as companies deal with Donald Trump’s tariffs.
The services PMI report on Thursday is expected to show that the PMI rose to 51 in August from 50.1 in the previous month.
While important, these numbers will have little impact on the crypto market because the Fed is focusing primarily on the labor market
Crypto Market Trade Data and Trump’s Tariff News
The other top crypto news will be on Trump’s tariffs. A court ruled that these tariffs are illegal, a move that would benefit most American companies that are having to contend with higher levies.
Still, this case will go all the way to the Supreme Court, where Trump may win since Republicans have a majority.
The US will publish trade numbers on Thursday, providing empirical data on Trump’s tariffs. Economists see that the trade deficit widened to $74 billion in July as American imports jumped.
Stellar Protocol 23 Upgrade
The other notable crypto news this week will be Stellar’s Protocol 23 upgrade that introduces 8 new proposals to the network.
This upgrade is notable because Stellar is one of the biggest cryptocurrencies in the market with a market capitalization of over $11 billion.
Also, many crypto projects run on the Stellar Consensus Protocol (SCP), including popular names likes like Pi Network and USD Coin.
Crypto Tokens Unlock
Meanwhile, several notable cryptocurrencies will have token unlocks this week that may impact their prices. Immutable X (IMX), one of the top players in the gaming industry, will unlock tokens worth $18.2 million, representing 1.82% of the supply.
Ethereum Name Service (ENS) will unlock tokens worth $21.2 million, while StepN will unlock $2.8 million tokens, representing 2.19% of the float.
The crypto market will likely be calm this week until Thursday, when ADP will publish its private payroll numbers. Most of the volatility will happen on Friday when the BLS releases the official nonfarm payroll numbers, since these numbers will impact the actions of the Federal Reserve. The other notable events this week will not majorly impact the crypto market.
