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- The upcoming non-farm payroll data in the US is expected to cause volatility in Bitcoin (BTC) and other cryptocurrencies.
- The non-farm payroll data, which will be announced today at 15.30 Turkish Standard Time, is generally believed to significantly influence the direction of the cryptocurrency market.
- Many market experts consider the non-farm payroll data as important as inflation data for interest rate decisions.
The upcoming non-farm payroll data in the US could significantly impact the cryptocurrency market, with experts predicting increased volatility in Bitcoin and other cryptocurrencies.
Impact of Non-Farm Payroll Data on Cryptocurrency Market
The non-farm payroll data, which indicates the change in the number of people employed in the US during April, excluding the agricultural industry, is expected to have a significant impact on the cryptocurrency market. If the data shows an upward trend, it could lead to an increase in the value of the dollar. Since Bitcoin generally moves in inverse correlation with the dollar index (DXY), an increase in the DXY could negatively impact the cryptocurrency market.
Current State of Cryptocurrencies Ahead of Data Release
The cryptocurrency market has been experiencing significant volatility for several weeks. In the last 24-hour period, Bitcoin has seen a 0.9% increase, trading at around $59,108. Major altcoins, on the other hand, have seen more inverse movements as Bitcoin dominance begins to recover. Ethereum (ETH) is down 0.6% at $2,974, Ripple (XRP) is down 0.4% at $0.516, Cardano (ADA) is down 1.4% at $0.447, and BNB (BNB) is up 0.6% at $564.
Conclusion
The upcoming non-farm payroll data in the US could significantly impact the cryptocurrency market. An increase in the DXY could negatively impact cryptocurrencies, particularly Bitcoin. However, the current volatility in the market suggests that cryptocurrencies could also react unpredictably to the data release.
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