Upcoming U.S. Economic Reports Could Spark Volatility in Bitcoin Market

The effect of US economic data on cryptocurrencies, especially Bitcoin, is becoming more and more obvious.

This week, three key US macroeconomic reports are expected that could cause potential volatility in the crypto market.

Unemployment data for the week ended October 19 will be released on Thursday, revealing how many people filed for unemployment. Due to ongoing recovery efforts from the hurricanes, which caused power outages and work stoppages, unemployment is expected to remain high.

Unemployment claims are projected at about 245,000. If the number exceeds that forecast, it could signal a weakening labor market, which could affect the Federal Reserve’s approach to interest rates.

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The U.S. Purchasing Managers’ Index (PMI) will also be closely watched for signs of economic health. At the previous measurement of 47.3 points, it is expected to rise to 47.5 points, but that would still imply a contraction in a sector whose momentum has been going on for more than a year.

A reading below 50 continues to suggest a contraction, while anything above that value would indicate an expansion, which could encourage interest in Bitcoin as a potential hedge against inflation.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.