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Two Major US Events Set to Trigger Volatility in Crypto Market Today
Source: CryptoNewsNet Original Title: Two Major US Events To Trigger Volatility In Crypto Market Today Original Link: The next 24 hours will be critical for the crypto market as all eyes focus on two major US events today: the Supreme Court’s ruling on Trump’s tariffs and the latest unemployment data.
The total crypto market cap, already struggling near $3.11 trillion, is on the verge of facing massive volatility.
Two Major US Events To Watch Today
The first major event is the US Supreme Court’s tariff ruling, expected at 10:00 am ET. Last April, President Trump imposed tariffs ranging from 10% to 50% on several goods, calling it “Liberation Day.”
The Court will now decide whether those tariffs are legal.
Experts and prediction markets estimate a 76% chance that the Court could rule the tariffs illegal. If that happens, the US government may have to return part of the $600 billion already collected.
Such a decision could shift market sentiment quickly, as tariffs are currently seen as helping growth. A ruling against them could make investors cautious, affecting stocks and crypto.
US Unemployment Data Adds More Pressure
The second key event is the US unemployment report, due at 8:30 am ET. Markets expect unemployment to come in at 4.5% from 4.6%, slightly lower than last month.
If unemployment rises, recession fears could strengthen. If it falls, expectations for interest rate cuts may drop even further.
The chance of a January rate cut is already near 13%, and strong jobs data could remove that hope completely.
Bitcoin and Ethereum Options Expiry Adds More Volatility
Adding to this, Bitcoin and Ethereum options expiry may increase short-term price swings. More than $2.2 billion in options are set to expire at 8:00 UTC.
Bitcoin alone accounts for around $1.89 billion in BTC options, with a $90,000 max pain level. BTC is currently trading near $90,975.
Meanwhile, Ethereum will see about $396 million in ETH options expiring, with a $3,100 max pain level. ETH is trading close to $3,117, which is very near this key level.
Because of these factors, the next 24 hours could be especially important for crypto traders, with higher volatility likely across the market.