Four major U.S. economic events that could impact crypto this week

The crypto market this week will focus on several economic events in the United States and be prepared for volatility. Meanwhile, BTC continues to trade well above the $67,000 threshold in the ongoing range-bound movement, as the crypto market awaits a strong catalyst to achieve further upside. At the same time, the countdown to the election is still ongoing. Volatility triggered by specific macroeconomic data, coupled with volatility in election expectations, may impact the portfolios of traders and investors. This requires a cautious and customized trading strategy. Welcome to the discussion group→→VX: ZLH1156 Four U.S. economic data points with crypto implications As U.S. economic events and data continue to impact the crypto market, traders and investors should focus on these reports this week. Q3 GDP The U.S. Census Bureau will release the third-quarter (Q3) Gross Domestic Product (GDP) report on Wednesday, October 30th. The median forecast is 3.2%, compared to 3.0% in the second quarter. However, according to the usually reliable Atlanta Fed model, the economy may grow at an annualized rate of 3.3%. If this happens, it would be nearly double the median forecast from early July this quarter. Meanwhile, a slowdown in GDP growth could mean the economy may be cooling, potentially impacting investor sentiment. This change in sentiment could lead to increased interest in Bitcoin and crypto as alternative investments. Nonfarm Payrolls The nonfarm payrolls (NFP) data released on the first Friday of each month is a key highlight on the U.S. economic calendar this week. They measure the employment situation in the U.S., indicating the change in the number of employed people from the previous month, excluding farm employees, government employees, private household employees, and nonprofit organization employees. The U.S. Bureau of Labor Statistics will release the October report on Friday, November 1st, which could trigger significant financial market volatility. First, the labor market is expected to be hit again by Hurricanes Ian and Nicole. It is estimated that the disasters in October led to a reduction of 40,000 jobs. Against this backdrop, economists expect nonfarm payrolls to increase by 125,000 this month, following a sharp rise of 254,000 in September. The unemployment rate is also expected to remain unchanged at 4.1%. A weaker-than-expected report could raise concerns about economic stability, leading investors to seek alternative investment opportunities like crypto. On the other hand, a positive report showing robust job growth could boost consumer spending, drive economic expansion, and increase demand for digital assets. Mega Earnings Among the U.S. economic events impacting the crypto market this week, the reporting of significant corporate earnings is also on the watchlist. Specifically, the reports will be released after market close (AMC) on the following schedule: - October 29th, Tuesday: Alphabet (GOOGL), AMC - October 30th, Wednesday: Microsoft (MSFT), Meta (META), AMC - October 31st, Thursday: Amazon (AMZN), Apple (AAPL), AMC It's worth noting that other companies, including Visa (V), Starbucks (SBUX), Merck (MRK), AMD, and Intel (INTC), will also be reported. However, the focus will be on the aforementioned five, as the focus on large asset classes or mega-cap stock growth remains the most closely watched area currently. Election It's worth noting that these events are occurring just days before the election, which increases the expectation of heightened volatility. According to the election countdown, the U.S. is just over a week away from electing its 47th president. Polymarket data shows that Republican candidate Donald Trump is leading in the popular betting metric (66%), while Democratic candidate Kamala Harris is at 34.1%. Recently, Polymarket has explicitly stated that the prediction markets remain non-partisan. As crypto gradually becomes a political focus in the U.S., considering the expanding digital asset voter base, traders and investors can also expect volatility as the countdown continues. That's the end of the article. Follow the public account: Web3 Dumpling for more great articles~ If you want to learn more about the crypto world and get the latest news, feel free to consult me. We have the most professional community, where we publish daily market analysis and recommend high-potential coins. There is no threshold to join the group, welcome everyone to discuss together! Welcome to the discussion group→→VX: ZLH1156