US August Non-Farm Data to Impact Crypto Market, Russia Promotes Digital Ruble

This week in the crypto market: The US August non-farm payroll report will be released on September 4, with the market expecting an addition of 58,000 jobs and an unemployment rate of 4.1%. Previously, the July non-farm payrolls saw a decrease of 23,000 jobs, and the employment data for May and June was revised down by a total of 103,000 jobs, increasing the significance of this data release. If the employment data is weak, it may lower market expectations for a Federal Reserve interest rate hike, pushing down US Treasury yields and the dollar; if employment rebounds, it could strengthen expectations for maintaining high interest rates. Russia will launch the first large-scale promotion phase of the digital ruble on September 1 and will conclude the public consultation on the regulatory framework for ruble-backed stablecoins. The UK parliamentary inquiry into the impact of banking and payment restrictions on crypto businesses will conclude on August 31. Additionally, Kraken will liquidate user balances remaining from 21 delisted assets between September 1 and 5. This week, governance and token events are relatively dense: Ethena will vote on enabling a fee switch, Arbitrum DAO will vote on launching a paid Fast Feed trading data stream, Sushi will vote on restructuring its tokenomics, and Lisk will vote on shutting down the DAO, burning 100 million LSK, and canceling staking penalties.

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