{"id":28845,"date":"2024-09-09T20:30:00","date_gmt":"2024-09-09T17:30:00","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=28845"},"modified":"2024-09-09T19:04:44","modified_gmt":"2024-09-09T16:04:44","slug":"btc-and-eth-under-pressure-expect-a-tense-week-ahead","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/btc-and-eth-under-pressure-expect-a-tense-week-ahead\/","title":{"rendered":"BTC and ETH Under Pressure: Expect a Tense Week Ahead"},"content":{"rendered":"

Bitcoin<\/a> (BTC) and Ethereum (ETH) have come under increasing pressure following negative economic data released from the U.S. on Friday, resulting in a market downturn.<\/p>\n

As of this writing, Bitcoin is trading at $54,700, showing a 0.64% increase over the last 24 hours. Ethereum, on the other hand, has risen by 0.17% to approximately $2,290.<\/p>\n

On Friday, the U.S. unveiled its latest non-farm payroll (NFP) figures, a key indicator of the country’s employment, inflation, and overall economic health. The NFP data for August showed an increase of 142,000, falling short of the market expectation of 160,000.<\/p>\n

Macroeconomic Data Shows Negative Trends for BTC<\/strong><\/p>\n

Augustine Fan, a partner at SOFA.org, remarked, \u201cFor cryptocurrencies to experience an uptrend, the NFP results would have needed to be nearly perfect.\u201d He added, \u201cInstead, we received one of the worst outcomes. The recalibration of risk sentiment has pushed BTC and ETH into a downward trend.\u201d<\/p>\n

On the day the economic data was released, Bitcoin dropped to around $52,850. Ethereum briefly fell to $2,160 on Friday. Lucy Hu, a senior analyst at Metalpha, noted, \u201cThe low unemployment figures have eased concerns about an impending recession. However, it appears that the weaker-than-expected payroll data is currently dominating market sentiment.\u201d<\/p>\n

A More Active Week Ahead<\/strong><\/p>\n

According to Hu, Bitcoin\u2019s volatility is expected to persist until the next Federal Open Market Committee (FOMC) meeting. The upcoming FOMC meeting is scheduled for September 17-18.<\/p>\n

Fan from SOFA.org stated, \u201cWith no positive signals in the short term, further risk reduction might be seen next week.\u201d He added, \u201cFocus will shift to the U.S. Presidential Debates on Tuesday. Additionally, inflation data will be released, and central bank discussions will take place globally.\u201d<\/p>\n

The first televised debate between U.S. presidential candidates Donald Trump and Kamala Harris is anticipated. Recent polls show a close race between the two. Although BTC was a major topic in the upcoming November elections, it was not mentioned in the previous debate between Trump and current U.S. President Joe Biden.<\/p>\n

You can freely share your thoughts and comments about the topic in the comment section. Additionally, please don\u2019t forget to follow us on our\u00a0Telegram<\/strong>\u00a0 ,<\/a>YouTube<\/strong><\/a>\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest\u00a0news<\/a> and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) and Ethereum (ETH) have come under increasing pressure following negative economic data released from the U.S. on Friday, resulting in a market downturn. As of this writing, Bitcoin is trading at $54,700, showing a 0.64% increase over the last 24 hours. Ethereum, on the other hand, has risen by 0.17% to approximately $2,290.<\/p>\n","protected":false},"author":1,"featured_media":18580,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[61,60,105,1477],"class_list":["post-28845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-ethereum","tag-fomc"],"yoast_head":"\nBTC and ETH Under Pressure: Expect a Tense Week Ahead - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/btc-and-eth-under-pressure-expect-a-tense-week-ahead\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BTC and ETH Under Pressure: Expect a Tense Week Ahead - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Bitcoin (BTC) and Ethereum (ETH) have come under increasing pressure following negative economic data released from the U.S. on Friday, resulting in a market downturn. 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