Crypto Market Braces for Volatility with Key Macro Data and Earnings Ahead

The US presidential election is just over a week ahead, and the outcome is expected to have a greater impact on the entire crypto market. In addition to this, the fate of the market is expected to be...

The US presidential election is just over a week ahead, and the outcome is expected to have a greater impact on the entire crypto market.
In addition to this, the fate of the market is expected to be determined by the US GDP report which is set to be released on October 30.

The total crypto market capitalization was marginally up by close to 1% at press time, positioning the entire valuation at $2.3 trillion. Meanwhile, this week is expected to be crucial as the countdown for the upcoming US presidential election begins to take shape.

In this article, we have compiled four main US economic events or data that could significantly impact the market ahead of the much-expected bull run.

Nonfarm Payrolls

According to records, the Nonfarm Payrolls, which are released on the Friday of every month, would be made available on November 1. Our researchers explain this as a measurement of the number of jobs added from the previous month, excluding government employees, farm employees, NGO employees, and private household employees.

Relating this to the crypto market, analysts believe that a figure below expectations mostly raises concerns about economic stability. This implies that investors have a high tendency to seek alternative investment opportunities from the likes of cryptos.

Also, a stronger-than-expected report increases consumer spending and increases demand for digital assets. Meanwhile, economists estimate that the nonfarm payrolls may increase by 125,000 jobs this month. This potential reduction from the 254,000 recorded in September was linked to the devastating hurricanes recorded in some parts of the country.

Whoa! Nonfarm payrolls rose by 254K with upward revisions to the previous two months of 72K. Big surprise on the upside. Unemployment rate down to 4.1%. Avg hourly earnings up 0.4% to 4.0%.— Kathy Jones (@KathyJones) October 4, 2024

Gross Domestic Product (GDP) Q3 2024

The Gross Domestic Product (GDP) report for the third quarter of the year (Q3 2024) is expected to be released on October 30. According to experts, the Commerce Department’s Census Bureau would likely provide a median data of 3.2%, a slight increase from the 3.0% recorded in the previous quarter. A GDP below this estimated growth rate would signal economic cooling. This, in the long run, would affect investors’ sentiment and drive more demand towards Bitcoin.

US Presidential Election

The US presidential election is just over a week away, and data from Polymarket discloses that Donald Trump has the best odds on popular bet metrics. This event is expected to have a major impact on the crypto market since Trump’s pledge to end the “so-called” enforcement action against the industry is resonating with key players. Meanwhile, some crypto insiders, including Cardano’s Charles Hoskinson, have downplayed the potential impact.

But the reality is, regardless of whether the U.S. is pro-crypto or not, the world is moving on…As an American, it would be nice to see our country get back into the race and build things, but regardless, it’s not going to change the reality that the world will be decentralized.

Key Mega Cap Earnings

The mega-cap earnings report is expected to be released by these companies on the attached dates:

October 29: Alphabet
October 30: Microsoft and Meta
October 31: Amazon and Apple.

According to analysts, the decisions by investors on the crypto market would largely depend on the earning reports from these five companies.

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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