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<a href="https://en.coin-turk.com/will-cryptocurrencies-rise-again-the-future-of-crypto-and-ai-according-to-chris-burniske/" data-wpel-link="internal">Bitcoin</a> and other altcoins remained under selling pressure following the release of the ADP Employment Change data from the US, which greatly exceeded expectations. Prior to the release of the data, Bitcoin, which had climbed over 31,000 dollars and neared 31,500 dollars, receded to 29,892 dollars after the data surpassed expectations. Some altcoins suffered double-digit losses. The crypto market’s attention is now turned to the release of three critical pieces of data from the US today at 15:30.&nbsp; 
<h2 style="text-align: justify;" id="crypto-market-awaits-3-critical-data-from-the-us">Crypto Market Awaits 3 Critical Data from the US</h2> 
The crypto market continues to display sensitivity to macroeconomic data. Today at 15:30, the Non-Farm Payroll, Unemployment Rate, and Average Hourly Earnings data, all three critical indicators of labor market conditions and significant inflation indicators for the Federal Reserve, will be released.&nbsp; 
The Non-Farm Payroll data for June is expected to come in at 225,000, following May’s 339,000. The release of data surpassing expectations, which reflects changes in the number of employed individuals outside of the agriculture industry in the past month, tends to be positive for the US dollar and negative for risky assets like Bitcoin and altcoins.&nbsp; 
<img decoding="async" class="aligncenter wp-image-88508 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/07/usa.png" alt="" width="1316" height="746" srcset="https://en.coin-turk.com/wp-content/uploads/2023/07/usa.png 1316w, https://en.coin-turk.com/wp-content/uploads/2023/07/usa-300x170.png 300w, https://en.coin-turk.com/wp-content/uploads/2023/07/usa-768x435.png 768w, https://en.coin-turk.com/wp-content/uploads/2023/07/usa-1200x680.png 1200w, https://en.coin-turk.com/wp-content/uploads/2023/07/usa-108x62.png 108w, https://en.coin-turk.com/wp-content/uploads/2023/07/usa-264x150.png 264w, https://en.coin-turk.com/wp-content/uploads/2023/07/usa-255x144.png 255w" sizes="(max-width: 1316px) 100vw, 1316px"> 
The second important data to be released today is the Unemployment Rate, expected to be 3.7%. The Unemployment Rate data for May came in at 3.7%, indicating the percentage of total labor force that is jobless and actively seeking employment in the last quarter. If the data falls short of expectations, it is generally positive for the US dollar and negative for risky assets like Bitcoin and altcoins.&nbsp; 
The third and another significant piece of data to be released today at 15:30 is the Average Hourly Earnings for June. The May data for Average Hourly Earnings, which shows the rate of inflation in wages paid in non-farm employment, was 0.3%, and it is expected to come in at 0.3% for June as well. When this data surpasses expectations, it has a positive impact on the US dollar and a negative effect on risky assets such as Bitcoin and altcoins.&nbsp; 
<h2 style="text-align: justify;" id="how-will-the-data-affect-bitcoin-and-altcoins">How Will the Data Affect Bitcoin and Altcoins?</h2> 
The fact that the ADP data came in much higher than expectations indicates that the labor market in the US continues to remain strong without deteriorating at the level anticipated by the Federal Reserve. The high ADP figure could be interpreted as a precursor to a similarly high Non-Farm Payroll figure that could exceed expectations. In addition, the Unemployment Rate is also expected to come in line with expectations or even fall below them.&nbsp; 
When expectations for all three indicators are combined, a rather challenging situation emerges for the crypto market. Market observers warn investors that volatility in Bitcoin and altcoins may increase before and after the data, and if there are no surprises, selling pressure could prevail.&nbsp; 
The post <a rel="nofollow" href="https://en.coin-turk.com/crypto-market-faces-pressure-following-unexpected-us-adp-employment-data/" data-wpel-link="internal">Crypto Market Faces Pressure Following Unexpected US ADP Employment Data</a> appeared first on <a rel="nofollow" href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Crypto Market Faces Pressure Following Unexpected US ADP Employment Data

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