The impact of US economic data on the cryptocurrency market, especially Bitcoin (BTC), is growing. Many see Bitcoin as a safe choice during economic uncertainty.
Cryptocurrency traders should brace for market changes as three key US economic reports are set to release. These reports may cause fluctuations in digital asset values.
Initial Jobless Claims Affecting Cryptocurrency Prices
Concerns over climate-induced disasters contributed to rising unemployment rates this October, with figures not seen since August 2023.Jobless claims for the week ending October 19 will be released on Thursday.
This report is vital for assessing economic conditions and its effect on the job market.
The median forecast for claims is 250,000, expected to be high due to storm damage and labor disruptions.
Economists estimate initial claims to be around 245,000, with some areas still affected by recent hurricanes. Higher-than-expected claims could indicate a weakening job market.
This may also influence perspectives on theFederal Reserve’s interest rate plans.
US Manufacturing PMI
On October 24, the US will also release manufacturing data, crucial for understanding the sector’s health.
Manufacturing PMI is projected to rise slightly to 47.5, indicating ongoing contraction, with a reading below 50 signifying a negative outlook.
US Services PMI
Similarly, the Services PMI is expected to dip slightly to 55.
Investors are closely monitoring these indicators as positive jobless claims and PMI data could boost sentiment and Bitcoin prices.
However, this week is relatively quiet for US economic data, with all key reports arriving on the same day.
Neil Sethi from Sethi Associates suggests using this lull effectively, as upcoming weeks may bring increased volatility.
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