ADP data is indeed a bit surprising.

The employment growth of 37,000 is far below the expected 110,000, setting a new low since 2020.

As soon as the data was released, the dollar fell, and market expectations for a rate cut in September quickly rose, with the current probability reaching 75%.

Trump is also continuously applying pressure, urging Powell to cut rates as soon as possible. He has been particularly focused on monetary policy lately, speaking out every now and then.

However, this data indeed provides a strong reason for a rate cut; it remains to be seen how the Federal Reserve will respond.

This is certainly a positive sign for the crypto world, as expectations for liquidity easing have returned. If Bitcoin can ride this wave to break through $110,000, it could truly become unstoppable. Mainstream coins like $ETH and $SOL are likely to benefit as well.