October, which was considered to be one of the most bullish months of the year, is now ending on a bearish note with a 3% decline. As the crypto market is tense, this week’s upcoming U.S. economic data could play a major role in deciding what happens next.
These reports are expected to have a major impact on the crypto market and could determine where prices head next.
Top US Economic Events This Week
Here’s a look at the key U.S. economic events this week that could heavily impact the crypto market.
20 – 22 Oct – Fed Governor Speech
The week kicks off with speeches from key Federal Reserve officials. Fed Governor Christopher Waller will speak on October 20, followed by Michael Barr on October 22.
Their tone could be crucial, any hint of easing policy or slower tightening could spark fresh optimism in risk assets like Bitcoin..
23rd Oct, Thursday – Initial Jobless Claims
Thursday, October 23, will bring the Initial Jobless Claims report, which tracks how many Americans filed for unemployment benefits. Economists expect 233,000 new claims, slightly higher than last week’s 218,000.
If the number comes in higher than expected, it could signal a cooling job market, which traders often interpret as bullish for risk assets since it supports a softer Fed stance.
24th October Friday- CPI Inflation Data
Friday, October 24, will release its September CPI data on October 24 — a key measure of inflation. For August, CPI rose 0.3% month-over-month and 2.9% year-over-year.
Analysts expect September’s reading to hold steady at 2.9%. If inflation stays low or eases, the Fed could move toward rate cuts, potentially boosting Bitcoin and other crypto assets.
24th Oct Friday- Services PMI Data
Lastly, the S&P Global preliminary Services PMI for October is expected to stay near 53.5, slightly up from September’s 54.2. This suggests slower growth in the U.S. services sector.
If the index drops below 50, it would signal contraction for the first time since April, a sign of cooling economic momentum.
Crypto Market Outlook
After last week’s crypto crash caused by Trump’s 100% tariff on China, the market is showing signs of recovery. The total crypto market cap rose 4.45% on Monday to $3.77 trillion, led by Bitcoin’s rebound to $111,150.
Ethereum climbed back above $4,000, while altcoins like XRP, Solana, Cardano, and BNB also posted solid gains.
With key U.S. economic data coming up, investors are watching closely to see if this momentum can fuel the next leg of the bull run.
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