Ramazan Eles 
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.
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.
Macroeconomic Data Shows Negative Trends for BTC
Augustine Fan, a partner at SOFA.org, remarked, “For cryptocurrencies to experience an uptrend, the NFP results would have needed to be nearly perfect.” He added, “Instead, we received one of the worst outcomes. The recalibration of risk sentiment has pushed BTC and ETH into a downward trend.”
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, “The 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.”
A More Active Week Ahead
According to Hu, Bitcoin’s volatility is expected to persist until the next Federal Open Market Committee (FOMC) meeting. The upcoming FOMC meeting is scheduled for September 17-18.
Fan from SOFA.org stated, “With no positive signals in the short term, further risk reduction might be seen next week.” He added, “Focus will shift to the U.S. Presidential Debates on Tuesday. Additionally, inflation data will be released, and central bank discussions will take place globally.”
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.
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