Crypto Market Poised for Uptick: Key Economic Events Ahead

• From October 21 to 25, the US economy is scheduled to witness critical events.
• The initial jobless claims data, Michigan Consumer Sentiment Index & Consumer Inflation Expectations reports are crucial.
• Traders and investors await to see these events’ impact on the crypto market.

Key economic data releases this week, including housing market figures and jobless claims, are expected to  influence the crypto market. With Bitcoin hovering around $68,000 and Ethereum at $2,700, traders are anticipating potential price swings as these reports offer insights into the health of the US economy.

The crypto market has been relatively positive despite some volatility.  The upcoming US election in November is another factor that could drive significant market movements in the coming weeks.  Crypto commentator The Kobeissi Letter took to X on October 20 to highlight the importance of this week’s economic calendar.

Existing home sales data, due on Wednesday, will provide a snapshot of the US housing market’s health. While the event may have a limited impact on the crypto market, it will be significant for the broader US economy.

Housing Market and Jobless Claims Data in Focus

On Thursday, the release of more home sales data will offer further insight into the housing sector. Initial jobless claims data, also due Thursday, will reveal the labor market condition and impact overall economic activity. September’s stronger-than-expected jobs report significantly influenced the crypto market, and this upcoming report is also expected to have broad economic implications.

Friday brings the durable goods orders report for September, which will shed light on the state of production activity and demand for big-ticket items like vehicles and appliances. These reports will serve as an indicator of consumer sentiment.

Consumer Sentiment and Inflation Expectations to Round Out the Week

Also on Friday, we’ll see the Michigan Consumer Sentiment Index for October and Consumer Inflation Expectations reports. The former is a monthly survey assessing consumer confidence, attitudes toward spending, and the overall economic outlook. The latter provides insights into consumers’ perceptions of long-term inflation trends.

While the crypto market is heavily influenced by economic factors, investors are eager to see how the market will react to this week’s news. Given the market’s volatility and unpredictability, the outcome remains uncertain.