The US jobs report, due tomorrow, is poised to be a major catalyst to shape the crypto market. As economists predict a cooling but resilient US economy, the crypto market is expected to have a positive impact, with top players like Bitcoin, Ethereum, XRP, and Solana in focus.
Crypto Market Braces for US Jobs Report
According to the US Economic Calendar, the jobs report for December is scheduled to be released on Friday. Estimates suggest that data from the US Bureau of Labor Statistics is likely to reveal a cooling labor market, with job additions slowing compared to previous months.
Notably, economists predict that the US economy added about 73,000 jobs in December. At the same time, the unemployment rate is expected to dip from 4.6% in November to 4.5% in December. While the projected job growth is significantly above the 64,000 additions in the November employment report, the unemployment data hit its highest point since 2021.
This sets the stage perfectly for a possible crypto market boom. If the US job report aligns with expectations, it could reinforce the Federal Reserve’s cautious stance on interest rates. Historically, cooling labor markets signal a potential Fed rate cut, paving the way for stronger performances for risky assets, including Bitcoin and other cryptocurrencies like Ethereum, Solana, and XRP.
Yesterday’s JOLTS job earnings data also supports this bullish sentiment. As reported by CoinGape, the JOLTS job openings data came in weaker than expected, declining to 7.1 million, below the estimated 7.6 million. This is typically seen as a bullish signal for the crypto market.
Will BTC, ETH, XRP, and SOL Surge Tomorrow?
Currently, the crypto market is showing signs of bullish reversal, with expectations of a positive US jobs report contributing more to this momentum. As analysts and investors closely watch for the data, Bitcoin, Ethereum, XRP, and Solana are expected to see increased volatility.
If the US jobs report reveals a cooling labor market, it could set a strong background for the crypto market. However, the market’s prevailing trend casts a shadow on the potential outcome. Despite showing resilience recently, the market is now down by 3.15%, reaching $3.08 trillion.
Bitcoin is currently trading at the critical $90k resistance, sparking caution. If the jobs report data doesn’t push the price up, it could lead to another major Bitcoin price crash. While Bitcoin has declined 2.6% over the past 24 hours despite the US JOLTS data, the Ethereum price is down by about 4%.
Meanwhile, XRP, trading at $2.11, is now down by 7.3%. Despite a notable 7% weekly surge, the altcoin sparks caution. The Solana price has also dipped by 2.55% over the last 24 hours. With an impressive 9% surge in a week, the altcoin is now valued at $135.5.
Despite the current trend, investors are expecting the upcoming labor market report to boost the market. With expectations for a potential Fed rate cut increasing, Bitcoin, Ethereum, Solana, and XRP prices are likely to surge.
Source: https://coingape.com/us-jobs-report-tomorrow-why-bitcoin-ethereum-xrp-and-solana-are-in-focus/
