September once again put pressure on the crypto market with Bitcoin falling to $111,000, in line with the month’s history of frequent falls. Major altcoins such as BNB and SOL also experienced price corrections, pushing the crypto market cap to $3.82 trillion.
Over 93,000 traders liquidated their trades with a loss of $220 million. Meanwhile, the fear & greed index remained neutral despite the heat map showing almost all tokens in the red zone. The mixed sentiment reflects investors’ concerns over the US economic data that is currently and will be released this week.
Investors are focusing on the ADP employment report, initial jobless claims, and NFP employment data. According to analysts, a weak jobs report could boost risk assets such as stocks and crypto, but strong data will delay the Fed’s rate cut. The CPI inflation data due out on September 11 will also be a big deciding factor.
Additionally, the expiration of over $4.5 billion worth of Bitcoin and Ethereum options and crypto whale activity added to the selling pressure. Without a positive catalyst, the crypto market is currently moving in an uncertain environment, with investors waiting for clear signals from Fed policy and key economic reports.
