November has officially become the most bullish month of the year, as the Bitcoin price doubled and hit an ATH at $96.6k. With that, the entire crypto market has turned bullish. Here, the global market capitalization increased to $3.38T, and many altcoins created new peaks. However, with the beginning of December, the expectations are way higher.
It is because when November turned bullish, December followed the same rally most of the time. Interestingly, five major events in the first week of December could impact the Bitcoin price. More importantly, these could set the trajectory for the entire month that people should know about.
5 Things To Know About Crypto Market This Week
The crypto market is impacted by many things, both positively and negatively. This week, five major events are taking place that investors should know about and their impact on the market. Interestingly, this entire week is filled with labor market news, which might impact the market’s growth.
Key Events This Week:
1. November ISM Manufacturing PMI data – Monday
2. October JOLTS Job Openings data – Tuesday
3. November ADP Nonfarm Employment data – Wednesday
4. Fed Chair Powell Speaks – Wednesday
5. Initial Jobless Claims data – Thursday
6. November Jobs Report -…
— The Kobeissi Letter (@KobeissiLetter) December 1, 2024
1. October JOLTS Job Opening Data
The JOLTS Job Opening data is released every month and unveils job openings, hirings, layoffs data, etc. The U.S. Bureau of Labor Statistics (BLS) published this report, and the October report is finally getting published this Monday. This gives a clear picture of the labor demand, which affects the Dollar’s dominance. More importantly, this eventually affects the crypto market.
2. November ISM Manufacturing PMI Data
Tuesday will witness very important statistics, as the November ISM manufacturing PMI data will be out. Here, the ISM manufacturing PMI reports revealed the conditions of the U.S. manufacturing sector. This time, the U.S. ISM index is believed to rise from 46.5 to 47.5, so the weaker USD will drive investors to the cryptocurrency market. It is the best way to access the economy of the stats and anticipate any changing trends.
3. November ADP Nonfarm Employment Data
The November ADP Nonfarm Employment is another monthly report that influences Bitcoin and the entire crypto market. Overall, it evaluates the changes in the US’s nonfarm private sector employment. It is also an important factor that helps to evaluate the country’s economic conditions. Many financial market investors analyze these stats to predict market performance.
4. Initial Jobless Claim Data
This Thursday, the U.S. Department of Labor will unveil the weekly initial jobless claim. This data reveals the number of people who have sought unemployment benefits for the first time. It gets published every Thursday and can impact the financial market. If the number of claims increases, it indicates a weakening economy, which could bring volatility to the cryptocurrency market.
In the previous week, 213,000 claims were filed, but the number might increase to 215,000 this week.
5. November Jobs Report
This week, the cryptocurrency market will bring some more reports, as the ADP National Employment Report will release the November Jobs reports. This is released on the first Friday of every month and summarises November’s employment. Here, the October report revealed the addition of only 12,000 jobs, which is much less than anticipated. However, the September report shows improvement as 233,000 jobs were added in this month. It has to see what the November report will bring forward and how it will impact the crypto market.
Final Thoughts
As already stated, hundreds of factors decide the performance of the crypto market. For now, it is moving with the bulls, but the failure of Bitcoin price to achieve the $100k mark is a little concerning. A few crypto analysts like Robert Kiyosaki predict BTC crash to $60k, which could impact the overall market. However, on the other end, things might speed up with the anticipation around the upcoming bull run in 2025. For this week, the investors should analyze the various labor reports to analyze the possible impact on Bitcoin and the entire market.
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