Upcoming US Economic Reports Set to Shake Up Cryptocurrency Market
October 22, 2024The upcoming initial jobless claims data for the week ending October 19 is expected to show a median forecast of 250,000 claims, influenced by recent hurricanes.
This week, three key US macroeconomic reports are set to be released, which could significantly influence cryptocurrency volatility.
Lower-than-expected jobless claims could indicate a strengthening economy, potentially increasing demand for riskier assets like Bitcoin.
In September 2024, the US national unemployment rate stood at 4.1%, with initial unemployment claims dropping by 19,000 to 241,000, which was better than economists had forecasted.
On October 24, the US Manufacturing PMI will be released, with economists predicting a slight recovery to 47.5, up from the previous 47.3.
The Manufacturing PMI report will also indicate ongoing contraction if the reading remains below 50.
Meanwhile, the Services PMI is expected to dip slightly to 55, which will also influence cryptocurrency sentiment.
A PMI reading above 50 would suggest manufacturing expansion, potentially boosting interest in cryptocurrencies as an inflation hedge.
As of now, Bitcoin is trading at $69,026, reflecting a modest increase of 1.15% since the start of the week.
Overall, the crypto market capitalization has risen by 8% in the last 24 hours, reaching $2.37 trillion.
Neil Sethi, Managing Partner at Sethi Associates, recommends that investors capitalize on this week's lighter economic data before the anticipated volatility next week.
Investor focus will be on these economic indicators as they may provide signals for future price movements of Bitcoin and other digital assets.
Summary based on 2 sources
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Sources
BeInCrypto • Oct 21, 2024
3 US Economic Events That Could Impact Crypto Markets This WeekCrypto News Flash • Oct 21, 2024
3 Key US Economic Events to Watch That Could Shake Crypto Markets