Bitcoin links to the stock market; employment report may trigger market volatility.

As the short-term correlation between Bitcoin and Is there a regular platform for foreign exchangethe stock market strengthens, the market is focusing on tonight's upcoming U.S. employment report. Data shows that the 30-day correlation coefficient between assets like Bitcoin and the MSCI Global Equity Index is close to 0.60, one of the highest levels in two years. This implies a closer relationship between the movements of cryptocurrencies and the stock market, making investors approach with caution.

The market expects non-farm employment to increase by 165,000 in August, with the unemployment rate holding at 4.2%. This data will provide key guidance for Federal Reserve policy, especially in the context of economic slowdown and expectations of a rate cut. Benjamin Celermajer, Co-Chief Investment Officer at Magnet Capital, stated that Bitcoin's reaction to macroeconomic events is closely aligned with the stock market, with the current key support level around $55,000.

As of press time, Bitcoin has risen 0.35%, trading at $56,372. Smaller tokens like Ethereum and Solana have also seen some gains. The volatility in U.S. stock index futures suggests the market is keeping a cautious stance ahead of the employment data release.

Cici Lu McCalman, founder of blockchain advisory firm Venn Link Partners, believes that tonight's employment report will have a significant impact on the market. If the data is strong, it could dampen expectations for a Federal Reserve rate cut, thereby influencing the trajectory of the cryptocurrency market.

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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