Bitcoin (BTC) Price Drops to $58.2K; Solana falls 9%

The main data next week will be the Non-Farm Payrolls Report for August on Friday, September 6. July’s jobs report was a weak one and was likely the final straw that forced the Fed’s hand to promise a rate cut in September. Currently, however, market expectations are only for a mild 25 basis point cut in mid-September. A second straight weak jobs print, however, could prompt investors to quickly price in a 50 basis point move from the central bank, providing a strong positive jolt to risk markets including bitcoin.