- The US presidential election is just over a week ahead, and the outcome is expected to have a greater impact on the entire crypto market.
- In addition to this, the fate of the market is expected to be determined by the US GDP report which is set to be released on October 30.
The total crypto market capitalization was marginally up by close to 1% at press time, positioning the entire valuation at $2.3 trillion. Meanwhile, this week is expected to be crucial as the countdown for the upcoming US presidential election begins to take shape.
In this article, we have compiled four main US economic events or data that could significantly impact the market ahead of the much-expected bull run.
Nonfarm Payrolls
According to records, the Nonfarm Payrolls, which are released on the Friday of every month, would be made available on November 1. Our researchers explain this as a measurement of the number of jobs added from the previous month, excluding government employees, farm employees, NGO employees, and private household employees.
Relating this to the crypto market, analysts believe that a figure below expectations mostly raises concerns about economic stability. This implies that investors have a high tendency to seek alternative investment opportunities from the likes of cryptos.
Also, a stronger-than-expected report increases consumer spending and increases demand for digital assets. Meanwhile, economists estimate that the nonfarm payrolls may increase by 125,000 jobs this month. This potential reduction from the 254,000 recorded in September was linked to the devastating hurricanes recorded in some parts of the country.
Whoa! Nonfarm payrolls rose by 254K with upward revisions to the previous two months of 72K. Big surprise on the upside. Unemployment rate down to 4.1%. Avg hourly earnings up 0.4% to 4.0%.— Kathy Jones (@KathyJones) October 4, 2024
Gross Domestic Product (GDP) Q3 2024
The Gross Domestic Product (GDP) report for the third quarter of the year (Q3 2024) is expected to be released on October 30. According to experts, the Commerce Department’s Census Bureau would likely provide a median data of 3.2%, a slight increase from the 3.0% recorded in the previous quarter. A GDP below this estimated growth rate would signal economic cooling. This, in the long run, would affect investors’ sentiment and drive more demand towards Bitcoin.
US Presidential Election
The US presidential election is just over a week away, and data from Polymarket discloses that Donald Trump has the best odds on popular bet metrics. This event is expected to have a major impact on the crypto market since Trump’s pledge to end the “so-called” enforcement action against the industry is resonating with key players. Meanwhile, some crypto insiders, including Cardano’s Charles Hoskinson, have downplayed the potential impact.
But the reality is, regardless of whether the U.S. is pro-crypto or not, the world is moving on…As an American, it would be nice to see our country get back into the race and build things, but regardless, it’s not going to change the reality that the world will be decentralized.
Key Mega Cap Earnings
The mega-cap earnings report is expected to be released by these companies on the attached dates:
- October 29: Alphabet
- October 30: Microsoft and Meta
- October 31: Amazon and Apple.
According to analysts, the decisions by investors on the crypto market would largely depend on the earning reports from these five companies.
