A series of macro-economic events are lined up this week which could drive volatility into the crypto markets. The following US economic events could greatly impact the market ahead of the much-anticipated bull run.
Nonfarm Payrolls (NFP)
The Nonfarm Payrolls are a key highlight in this week’s events calendar. Released on the first Friday of each month, they measure the employment situation in the US, indicating the number of jobs added from the previous month, excluding farm employees, government employees, private household employees, and NGO employees.
The US Department of Labor will release its October report, which is due on Friday, November 1, which could drive large movements in the financial market. For starters, the labor market is expected to have taken another hit from Hurricanes Helene and Milton. The catastrophes are estimated to have cut up to 40,000 jobs from payrolls in October.
Economists estimate that the nonfarm payrolls may increase by 125,000 jobs this month after surging by 254,000 in September. The unemployment rate is also seen unchanged at 4.1%.
A weaker-than-expected report might raise concerns about economic stability, ushering investors to pursue alternative investment options like cryptocurrencies. However, a positive report displaying strong job growth could boost consumer spending, fueling economic expansion and rising demand for digital assets.
Gross Domestic Product Q3 2024
The GDP report for the third quarter of the year is expected to be released by the Commerce Department’s Census Bureau on Wednesday, October 30. The median forecast is 3.2% after the Q2 GDP of 3.0%. A GDP below this estimated growth rate would signal economic cooling. A change in investors’ sentiment could drive more demand for Bitcoin.
US Elections
With the US presidential election just over a week away, the event is expected to have a major impact on the crypto market since Trump has pledged to end the “enforcement action” against the industry, which is resonating with key industry players. Polymarket data shows Republican nominee Donald Trump is leading on popular bet metrics, with 66%, against Kamala Harris, the Democratic ticket holder, with 34.1%. However, some crypto insiders, including Cardano’s Charles Hoskinson, have de-emphasized the potential impact of the elections.
Key Mega Cap Earnings
The mega-cap earnings report is expected to be released by these companies on the following dates:
October 29: Alphabet
October 30: Microsoft and Meta
October 31: Amazon and Apple.
The investor decisions on the crypto market would largely hinge on the earning reports from these major companies. Notably, other companies will also be reported, including Visa (V), Starbucks (SBUX), Merck (MRK), AMD, and Intel (INTC).
