The post 4 US Economic Events That Could Impact Crypto This Week appeared on BitcoinEthereumNews.com.

Crypto markets will watch several US economic events this week and brace for volatility. Meanwhile, Bitcoin (BTC) remains well above the $67,000 threshold amid ongoing range-bound movement as crypto markets await strong catalysts to enable further upside. Meanwhile, the countdown to the US election continues. Volatility inspired by select macroeconomic data, coupled with that from US election anticipation, could impart traders’ and investors’ portfolios. This calls for caution and tailored trading strategies. Four US Economic Data With Crypto Implication As US economic events and data continue to have crypto implications, traders and investors should monitor these reports this week. Q3 GDP The Commerce Department’s Census Bureau will release the third quarter (Q3) Gross Domestic Product (GDP) report on Wednesday, October 30. The median forecast is 3.2% after the Q2 GDP of 3.0%. Nevertheless, based on a usually reliable model from the Atlanta Fed, the economy probably expanded at an annualized pace of 3.3%. If this happens, it will be nearly twice as high as the median forecast in July at the start of the quarter. Meanwhile, a slowdown in GDP growth would suggest a potential economic cooling, influencing investor sentiment. This change in sentiment could lead to increased interest in Bitcoin and crypto in general as alternative investments. Read more: How to Protect Yourself From Inflation Using Cryptocurrency Nonfarm Payrolls Nonfarm Payrolls (NFP), released on the first Friday of each month, are a key highlight in this week’s US economic events calendar. 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, and has the potential to cause large movements in the financial market. For…

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Filed under: News - @ October 28, 2024 8:18 am