October, which was considered to be one of the most bullish months of the year, is now ending on a bearish note with a 3% decline. As the crypto market is tense, this week\u2019s upcoming U.S. economic data could play a major role in deciding what happens next.<\/p>\n
These reports are expected to have a major impact on the crypto market and could determine where prices head next.<\/p>\n
Top US Economic Events This Week<\/p>\n
Here\u2019s a look at the key U.S. economic events this week that could heavily impact the crypto market.<\/p>\n
20 \u2013 22 Oct \u2013 Fed Governor Speech\u00a0<\/p>\n
The week kicks off with speeches from key Federal Reserve officials. Fed Governor Christopher Waller will speak on October 20, followed by Michael Barr on October 22.\u00a0<\/p>\n
Their tone could be crucial, any hint of easing policy or slower tightening could spark fresh optimism in risk assets like Bitcoin..<\/p>\n
23rd Oct, Thursday \u2013 Initial Jobless Claims<\/p>\n
Thursday, October 23, will bring the Initial Jobless Claims report, which tracks how many Americans filed for unemployment benefits. Economists expect 233,000 new claims, slightly higher than last week\u2019s 218,000.<\/p>\n
If the number comes in higher than expected, it could signal a cooling job market, which traders often interpret as bullish for risk assets since it supports a softer Fed stance.\u00a0<\/p>\n
24th October Friday- CPI Inflation Data\u00a0<\/p>\n
Friday, October 24, will release its September CPI data on October 24 \u2014 a key measure of inflation. For August, CPI rose 0.3% month-over-month and 2.9% year-over-year.<\/p>\n
Analysts expect September\u2019s reading to hold steady at 2.9%. If inflation stays low or eases, the Fed could move toward rate cuts, potentially boosting Bitcoin and other crypto assets.<\/p>\n
24th Oct Friday- Services PMI Data<\/p>\n
Lastly, the S&P Global preliminary Services PMI for October is expected to stay near 53.5, slightly up from September\u2019s 54.2. This suggests slower growth in the U.S. services sector.\u00a0<\/p>\n
If the index drops below 50, it would signal contraction for the first time since April, a sign of cooling economic momentum.<\/p>\n
Crypto Market Outlook<\/p>\n
After last week\u2019s crypto crash caused by Trump\u2019s 100% tariff on China, the market is showing signs of recovery. The total crypto market cap rose 4.45% on Monday to $3.77 trillion, led by Bitcoin\u2019s rebound to $111,150.<\/p>\n