Upcoming U.S. Economic Reports Could Spark Volatility in Bitcoin Market
The effect of US economic data on cryptocurrencies, especially Bitcoin, is becoming more and more obvious.
This week, three key US macroeconomic reports are expected that could cause potential volatility in the crypto market.
Unemployment data for the week ended October 19 will be released on Thursday, revealing how many people filed for unemployment. Due to ongoing recovery efforts from the hurricanes, which caused power outages and work stoppages, unemployment is expected to remain high.
Unemployment claims are projected at about 245,000. If the number exceeds that forecast, it could signal a weakening labor market, which could affect the Federal Reserve’s approach to interest rates.
READ MORE:
Memecoins Promoted by Andrew Tate Plummet 99%, Sparking Insider Trading ConcernsThe U.S. Purchasing Managers’ Index (PMI) will also be closely watched for signs of economic health. At the previous measurement of 47.3 points, it is expected to rise to 47.5 points, but that would still imply a contraction in a sector whose momentum has been going on for more than a year.
A reading below 50 continues to suggest a contraction, while anything above that value would indicate an expansion, which could encourage interest in Bitcoin as a potential hedge against inflation.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
SEC Commissioner Slams Ripple Settlement as Legal Battle Nears End
A senior U.S. Securities and Exchange Commission (SEC) official has criticized a proposed settlement between the agency and Ripple Labs, potentially marking the final chapter of a years-long legal dispute over the XRP token.

Zerebro Developer Reported Alive Days After Alleged On-Camera Suicide
The mysterious case of Zerebro’s 22-year-old developer, who appeared to shoot himself during a livestream on May 4, took a dramatic turn after he was reportedly seen alive outside his family home in San Francisco.

AI DApps Surge in Activity, Poised to Rival Gaming and DeFi in Web3 Dominance
Artificial Intelligence-powered decentralized applications (DApps) are rapidly gaining ground in the Web3 ecosystem. They may soon challenge the dominance of Gaming and Decentralized Finance (DeFi), according to fresh insights from blockchain analytics firm DappRadar.

Bitcoin ETF Inflows Surge to Record $40.62 Billion

Trending news
MoreCrypto prices
More








