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Crypto News Flash (EN)

10/21/2024

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3 Key US Economic Events to Watch That Could Shake Crypto Markets

Experts observe that the US economic data calendar this week could position the crypto market in bullish ways.  Amid the backdrop of this, the overall crypto market cap has surged by 8% in the last 24 hours,...

3 Key US Economic Events to Watch That Could Shake Crypto Markets
  • Experts observe that the US economic data calendar this week could position the crypto market in bullish ways. 
  • Amid the backdrop of this, the overall crypto market cap has surged by 8% in the last 24 hours, with Solana and Cardano leading the top altcoin market. 

The crypto market makes a general daily upsurge of 8% to push the total market capitalization to $2.37 trillion after the Central Bank of Japan was rumored to have abandoned rate hike decisions. Solana (SOL), within the period, surged by 5% to hit $167, while Cardano (ADA) added 4% gains to its value. Meanwhile, Bitcoin (BTC) still dominates the broad market with a total share of 57%.

According to our analysts, the current bullish momentum could continue as three important economic events in the US are expected to fuel more growth.

The US Manufacturing PMI

On Thursday, October 24, the US authorities would publish crucial data to provide key insights into the status of the manufacturing sector. Its impact on the general performance of the crypto market has to do with its interest rate sensitivity. Fascinatingly, economists have predicted that this sector could slightly recover, with a reading of 47.5 above the previous reading of 47.3.

Meanwhile, our research shows that any reading below 50 signifies a negative outlook to manufacturers. Out of the last 23 months, this index has been negative 22 times. Once the PMI reading exceeds 50, there could be an expansion in the manufacturing industry and a subsequent growth in crypto interest as a hedge against inflation.

US Unemployment Claim

According to the Statista Research Department, the US national unemployment rate reached 4.1% in September 2024. In October, this level has been quite explosive, reaching a level last recorded in August 2023. In the week ending October 12, the Initial claims for state unemployment benefits reduced by 19,000 to 241,000. This falls short of the median forecast of 250,000 on MarketWatch, and slightly below the 245,000 consensus estimate by economists.

Subjecting this to analysis, crypto analysts explained that a higher-than-expected unemployment figure could have affected sentiment toward rate cuts by the Federal Reserve. This implies that the lower claim indicates a strengthening economy, and would boost investors’ confidence and cause a spike in demand for riskier assets like Bitcoin.

US Services PMI

According to analysts, the Services Purchasing Managers’ Index (PMI), which would provide insight into the overall performance of the services sector, is expected to decline slightly to 55 from 55.2. A positive sentiment could increase demand for Bitcoin and subject the broad market to a significant rally. For the Managing Partner at Sethi Associate Neil Sethi, these light releases could trigger volatility in the immediate weeks and push the market in favor of investors.

Do note, what this week lacks in key reports next week makes up for and then some. We will get all of the key October employment reports, including the first read on Q3 GDP & ECI (plus Sept personal income and spending with PCE prices). This is on top of most of the Magnificent 7 earnings, the Treasury borrowing announcement, etc. So take full advantage of the light week.


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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

John is a seasoned cryptocurrency and blockchain writer and researcher, boasting an extensive track record of years immersed in the ever-evolving digital frontier. With a profound interest in the dynamic landscape of emerging startups, tokens, and the intricate interplay of demand and supply within the crypto realm, John brings a wealth of knowledge to the table. His academic background is marked by a Bachelor's degree in Geography and Economics, a unique blend that has equipped him with a multifaceted perspective. This diverse educational foundation allows John to dissect the geographical and economic factors influencing the cryptocurrency market, offering insights that go beyond the surface. John's dedication to the crypto and blockchain space is not merely professional but also personal, as he possesses a genuine passion for the technologies that underpin this revolutionary industry. With his astute research skills and commitment to staying at the forefront of industry trends, John is a trusted voice in the world of cryptocurrencies, helping readers navigate the complex and rapidly changing terrain of digital assets and blockchain innovation. John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: [email protected] Phone: +49 160 92211628

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