Key U.S. Economic Events This Week That Could Impact the Crypto Market

The cryptocurrency landscape, particularly Bitcoin, tends to respond to significant economic indicators from the U.S. as traders adapt their strategies to align with macroeconomic trends.

This week, all eyes are on the Consumer Price Index (CPI) report for September from the U.S. Bureau of Labor Statistics, scheduled for release on Thursday, October 10. Economists predict a 0.1% rise in overall inflation, while core CPI, which excludes food and energy costs, is anticipated to increase by 0.2%.

Year-over-year, the core CPI is expected to decline to 2.3%, with underlying inflation projected to hold steady at 3.2%. Should the results exceed expectations, Bitcoin could face downward pressure as rising inflation may restrict the Federal Reserve’s ability to lower interest rates.

Additionally, the Bureau will publish the core Producer Price Index (PPI), which tracks wholesale inflation. A rise in the PPI could indicate increasing input costs, potentially affecting cryptocurrency mining and processing operations.

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Another critical factor is the initial jobless claims report, which follows the stronger-than-expected jobs data from September. Robust employment figures could further diminish the likelihood of an interest rate cut, impacting the crypto markets. Lastly, third-quarter earnings reports from leading financial institutions are also expected later this week, which may influence overall market sentiment.

Alexander Zdravkov