January 10 cryptocurrency It is one of the most important days of the first month of the year for investors and there are only hours left for the data to be announced. We have talked at length about the importance of the Fed’s rate of interest rate cuts for cryptocurrencies. The December meeting caused complete disappointment at this point. So why is tomorrow’s data important and what are the expectations? Will cryptocurrencies rise?
US Data and Cryptocurrencies
We have been talking about the importance of Friday since Sunday, January 5th. Tuesday’s JOLTS data It caused a bigger decline in cryptocurrencies. However, ADP Employment Change data on Wednesday was in favor of cryptocurrencies. The only problem was that insider information that permission was received for the sale of Silkroad BTCs threw the markets into chaos.
We have previously mentioned that the data coming on Wednesday is largely considered a leading indicator for Non-Farm Employment data. Two important data will be announced in the coming hours. The first of these is the US Unemployment Rate and the other is Nonfarm Employment. Both data will be published exactly 1 hour before the US market opens.
The figure and expectation announced last month for the unemployment rate is 4.2%. Since the scenario in which unemployment approaches 4.4% has the potential to persuade the Fed to cut interest rates, we can say that the above-expected data will be supportive for the sudden rise. Moreover, this will be much better when the markets are convinced of only one interest rate cut (for 2025). Non-Farm Employment data is expected to decrease to 153 thousand, compared to 227 thousand in the previous month. In the scenario where the announced figure is lower than expected in cryptocurrencies rise is expected.
Both data are the most important data to see the strength of employment in the USA. ISM PMI and JOLTS We hope these data will be supportive after data overwhelmed the markets this week. Moreover, we are approaching the critical date of January 20, the date of Trump’s inauguration, with each passing day, and there is not always a fall/rise in cryptocurrencies.
End of January Crypto Rise
Daan Crypto Trades wrote in the market assessment published at the time the article was being prepared that the real rise may begin towards the end of the month and the boring movements will continue now. The anonymous analyst who watched the triangle he marked in the chart below said:
“BTC Don’t be surprised if the start of proper movement again is delayed until the end of January. I am watching this triangle to identify a possible breakout from this consolidation. My belief is still that Q1 will be mostly green. However, the end and beginning of the year are often choppy.
Last year, the price peaked on January 11 (ETF trading day), bottomed on January 23, and started to rise in February and March. I’m not expecting an exact replica of this, but isn’t this great for showing how quickly things can change in just a few weeks? Sentiment was everywhere back then too.”
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
