The relationship between cryptocurrency and the stock market is becoming increasingly intertwined, especially under the influence of recent economic data. Data compiled by Bloomberg shows that the correlation coefficient between cryptocurrencies and the MSCI World Stock Index is close to 0.6, one of the highest levels in the past two years. A reading of 1 indicates that the assets move in sync, while -1 indicates a reverse movement. This means that the trends between these two markets are becoming more similar.

That is to say, when the market reacts to the August non-farm employment data tonight, the price of cryptocurrencies will also fluctuate accordingly. The market generally believes that the upcoming employment data will show positive signs, indicating that the US economy is stabilizing.

Tonight's non-farm data will be crucial in determining the price of Bitcoin. Investors are closely watching the upcoming US August non-farm employment data. If the employment data is poor, it means that the US economy is in recession, and the Federal Reserve may take more aggressive rate-cutting measures to stimulate the economy. The unexpectedly weak employment report last month triggered global market fluctuations, and cryptocurrencies also plummeted.

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Benjamin Celermajer, co-chief investment officer at Magnet Capital, said: "Bitcoin has always been highly correlated with stocks in the face of macroeconomic events. Market sentiment has been 'quite poor' over the past two weeks, and $55,000 is a key support level for Bitcoin to watch."

As of press time, the price of Bitcoin has slightly dropped to $55,588, trading about $17,000 below the all-time high set in March. Smaller tokens such as Ethereum and Solana have also edged lower. US stock futures are volatile, indicating that the market is cautious ahead of the August employment data.

Analysis points out that inflows into the US spot Bitcoin exchange-traded funds (ETFs) stimulated the rise in Bitcoin prices earlier this year, forming a bull market, but this upward trend did not last. Recently, investors have begun to withdraw funds from Bitcoin ETFs, leading to a drop in Bitcoin prices.

"The details of tonight's employment report will be a key," said Cici Lu McCalman, founder of blockchain consulting firm Venn Link Partners. "The data is sufficient to weaken bets on Federal Reserve rate cuts."

The current loose monetary policy of the Federal Reserve is generally considered to be beneficial to speculative assets such as cryptocurrencies. Market analysts generally believe that the upcoming employment data will show positive signs, such as an increase in hiring or a decrease in the unemployment rate. This marks a stabilization of the economy after the July data triggered growth fears.