November was officially the most bullish month of the year as Bitcoin price doubled and reached an ATH of $96,600. This has made the entire cryptocurrency market bullish. Here, the global market capitalization increased to $3.38 trillion, and many altcoins made new peaks. But once December begins, expectations are much higher.
After November turned bullish, December followed almost the same upward trend. Interestingly, five major events could impact Bitcoin price in the first week of December. More importantly, these pieces of information can set the trajectory for the entire month of what people need to know.
5 things to know about the crypto market this week
The cryptocurrency market is subject to many influences, both positive and negative. This week, there will be five major events that investors should know about and how they will affect the market. Interestingly, this week is packed with labor market news that could impact market growth.
This week's main events:
1. November ISM Manufacturing PMI Data – Monday
2. JOLTS Job Data for October – Tuesday
3. November ADP Nonfarm Employment Statistics – Wednesday
4. Fed Chairman Powell Speech – Wednesday
5. Initial data on unemployment claims – Thursday
6. November Employment Report -…
— Kobeissi Letter (@KobeissiLetter) December 1, 2024
1. JOLTS recruitment data for October
JOLTS job data is published monthly and reveals job openings, hiring, firing data, and more. The U.S. Bureau of Labor Statistics (BLS) has released its report, and the October report will be released this Monday. This provides a clear picture of the labor demand that influences the dollar's dominance. More importantly, this will ultimately impact the crypto market.
2. November ISM Manufacturing PMI Data
A very important statistic will be released on Tuesday as the ISM Manufacturing PMI data for November is released. Here, the ISM Manufacturing PMI report sheds light on the state of US manufacturing. This time, the US ISM index is expected to rise from 46.5 to 47.5, so the weaker US dollar will likely drive investors towards the crypto market. This is the best way to access the economics of statistics and predict changing trends.
3. November ADP Nonfarm Employment Data
ADP Non-Farm Employment for November is another monthly report that impacts the Bitcoin and crypto market as a whole. Overall, we assess changes in nonfarm private sector employment in the United States. It is also an important factor that helps assess the economic situation of a country. Many financial market investors analyze these statistics to predict market performance.
4. Initial unemployment insurance claims data
This Thursday, the U.S. Department of Labor will release the weekly number of new unemployment insurance claims. This data reveals the number of people applying for unemployment benefits for the first time. It is published every Thursday and can influence financial markets. If the number of claims increases, it indicates a weakening of the economy and could lead to instability in the cryptocurrency market.
Last week, 213,000 claims were filed, and that number could rise to 215,000 this week.
5. November employment report
There are several more reports expected to be released in the crypto market this week as the ADP National Employment Report releases employment statistics for November. Announced on the first Friday of every month, it summarizes the employment situation for November. Here, the October report revealed job growth of just 12,000 jobs, which is much lower than expected. But the September report shows an improvement, with 233,000 jobs added this month. It remains to be seen what the November report will bring and how it will impact the crypto market.
final thoughts
As already mentioned, the performance of the cryptocurrency market is determined by hundreds of factors. For now, it is trending with the bulls, but it is a bit concerning that Bitcoin price does not reach the $100,000 level. Several cryptocurrency analysts like Robert Kiyosaki predict that BTC will crash to $60,000, which could impact the entire market. But on the other hand, expectations for a bull market in 2025 could accelerate things. This week, investors should analyze various labor statistics and their potential impact on Bitcoin and the market as a whole.
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pooja kaldia
With a deep-rooted passion for reading and 5 years of experience in content writing, Pooja is currently focused on creating trending content regarding the cryptocurrency market. As an avid cryptocurrency journalist, Pooja is always on the lookout for trending topics and useful statistics to create engaging articles for cryptocurrency enthusiasts. Staying on top of the latest trends and advances in the field is an integral part of her daily life, reinforcing her commitment to providing timely and insightful coverage.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
