Cryptocurrency Market Faces Volatility Amid Upcoming Economic Data Releases

According to PANews, the cryptocurrency market experienced significant sell-offs this week, following a strong performance in the previous week. This development was not entirely unexpected due to decreased volatility and the anticipation of key data releases next week. Bitcoin is facing the risk of a double top and has not shown significant measures to counteract this effect. Meanwhile, Ethereum, after reaching a new high last Saturday, has seen further corrections. Although Ethereum's outlook appears more favorable than Bitcoin's, its performance remains closely tied to Bitcoin's trends. Key events for the upcoming week include a speech by 2025 FOMC voting member and St. Louis Fed President Mussa Alem on the U.S. economy and monetary policy at 21:00 UTC+8 on Wednesday. This will be followed by the release of U.S. July JOLTs job openings and factory orders at 22:00 UTC+8. On Thursday, at 01:30 UTC+8, 2026 FOMC voting member and Minneapolis Fed President Kashkari will participate in a fireside chat. The Federal Reserve's Beige Book on economic conditions will be released at 02:00 UTC+8. Further, on Thursday at 20:30 UTC+8, data on initial jobless claims for the week ending August 30 and the U.S. July trade balance will be released. At 23:30 UTC+8, FOMC permanent voting member and New York Fed President Williams will speak at the New York Economic Club. On Friday, at 07:00 UTC+8, 2025 FOMC voting member and Chicago Fed President Goolsbee will deliver a speech. Later, at 20:30 UTC+8, the U.S. August unemployment rate, non-farm payrolls, and average hourly earnings will be announced. The ongoing weakness in the labor market is expected to reinforce market expectations for a rate cut in September and revive hopes for a third 25 basis point cut this year. U.S. President Donald Trump emphasized at the Jackson Hole meeting that short-term inflation risks are skewed to the upside, while employment risks are tilted to the downside.