November officially became the most bullish month of the year, as Bitcoin price doubled and reached an ATH of $96.6K. With this, the entire crypto market has turned bullish. Here, the global market cap rose to $3.38 billion and many altcoins created new highs. However, with the start of December, expectations are much higher.
Indeed, when November turned bullish, December mostly followed the same rally. Interestingly, five major the events of the first week of December could have an impact on the price of Bitcoin. More importantly, these could set the trajectory for the entire month that people should know about.
5 things to know about the crypto market this week
The crypto market is impacted by many factors, both positive and negative. 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 could impact the job market. the market growth.
Key events this week:
1. ISM Manufacturing PMI data for November – Monday
2. October JOLTS job posting data – Tuesday
3. ADP November Nonfarm Employment Data – Wednesday
4. Fed Chairman Powell speaks – Wednesday
5. Initial data on jobless claims – Thursday
6. November Jobs Report –…
– Kobeissi Letter (@KobeissiLetter) December 1, 2024
1. October JOLTS job opening data
JOLTS job opening data released every month and reveals job postings, hiring, layoff data, and more. WE The Bureau of Labor Statistics (BLS) released this report, and the October report is finally released this Monday. This gives a clear picture of labor demand, which affects Dollars dominance. More importantly, it ends up affecting the crypto market.
2. November ISM manufacturing PMI data
Tuesday will witness very important statistics, as November ISM Manufacturing PMI data will be released. Here, the ISM Manufacturing PMI reports revealed the conditions of the WE manufacturing sector. This time, the WE The ISM index is expected to rise from 46.5 to 47.5, so the weak dollar will push investors towards the cryptocurrency market. This is the best way to access the economics of statistics and anticipate any changing trends.
3. ADP data on November nonfarm employment
The November ADP Nonfarm Employment is another monthly report who influences Bitcoin and the entire crypto market. Overall, it assesses changes in the from the United States employment in the private non-agricultural sector. It is also an important factor that contributes to assess THE of the country economic conditions. Many financial market investors analyze these statistics to predict market performance.
4. Initial unemployment claims data
This Thursday, the WE The Department of Labor will reveal the first weekly unemployment claim. This data reveals the number of people who applied for unemployment benefits for the first time. It is published every Thursday and can have an impact on the financial market. If the number of claims increases, it indicates a weakening economy, which could lead to volatility in the cryptocurrency market.
The previous week, 213,000 claims were filed, but that number could reach 215,000 this week.
5. November jobs report
This week, the cryptocurrency market will bring a few more reports, as ADP’s National Jobs Report will release November employment reports. This is published on the first Friday of each month and summarizes that of November job. Here, the October report reveals the addition of only 12,000 jobs, which is far fewer than expected. However, the September report shows improvement with the creation of 233,000 jobs In this month. It remains to be seen what the November report will bring and what impact it will have on the crypto market.
Final Thoughts
As already stated, hundreds of factors determine crypto market performance. For now, this is moving with the bulls, but the inability of Bitcoin price to reach the $100,000 mark is a bit worrying. Some crypto analysts like Robert Kiyosaki are predicting a BTC crash to $60,000, which could impact the entire market. However, on the other hand, things could speed up with the anticipation of the next bull run in 2025. This week, investors should analyze the various working reports to analyze the possible impact on Bitcoin and the whole of the market.
Pooja Khardia
With a deep-rooted passion for reading and five years of experience in content writing, Pooja is now focused on creating trending content in the cryptocurrency market. As a dedicated crypto journalist, Pooja is constantly on the lookout for trending topics and informative statistics to create compelling articles for crypto enthusiasts. Keeping up with the latest trends and advances in the field is an integral part of his daily routine, fueling his commitment to providing timely and insightful coverage.
Disclaimer: Content presented may include the author’s personal opinion 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.
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