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- Key U.S. economic reports, including jobs and inflation data, could trigger major crypto market moves.
- Bitcoin’s price remains sensitive to shifts in economic indicators, especially around labor and monetary policy updates.
As we step into February, the crypto market is closely eyeing key U.S. economic reports that could send ripples across both traditional and digital asset markets. From manufacturing data to employment reports, these events could trigger significant market reactions—especially in the volatile world of crypto.
As highlighted in a recent CNF update for the Crypto Market Watch, there were initially four U.S. economic events identified that could move the crypto market. In this article, we’ll take a quick look at five key economic events that traders and investors are watching this week.
ISM Manufacturing Index – A Key Economic Barometer
The first major event on the calendar is the Institute of Supply Management’s (ISM) Manufacturing Index, due on February 2. This report gauges the health of the U.S. manufacturing sector by surveying purchasing managers across the country.
The Job Openings and Labor Turnover Survey (JOLTS), scheduled for February 4, will provide key insights into the state of the U.S. job market. If the number of job openings remains strong at around 8.1 million, it could signal a robust labor market, leading to increased consumer confidence and potential inflation concerns.
The ADP Employment Report, due on February 5, offers an early glimpse into private sector job growth. A stronger-than-expected result could trigger market volatility as traders adjust expectations for Federal Reserve actions. Conversely, weaker figures might signal a more dovish Fed stance, potentially sparking bullish moves in risk assets like Bitcoin.
Weekly Jobless Claims – Tracking Short-Term Labor Trends
Released every Thursday, the weekly jobless claims data is a key indicator of short-term shifts in the labor market. A spike in claims could point to economic stress, which might push investors toward safer assets.
Finally, the January employment report, set for release on February 7, will summarize the health of the job market for the previous month. Economists expect payrolls to have dropped to 175,000, down from 256,000 in December.
For Bitcoin, even slight shifts in U.S. economic data can cause significant price fluctuations as traders react to perceived risks or opportunities in the market.
At the time of writing, Bitcoin (BTC) is trading at $100,388, having increased by 6.79% in the past day but showing a downturn of 2.29% over the past week. See the BTC price chart below.
