Events to Watch That Could Impact Bitcoin’s Price This Week
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Events to Watch That Could Impact Bitcoin’s Price This Week

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Azeez Mustapha

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Events on the United States economic calendar could heavily influence Bitcoin’s price in the coming days, with key inflation data being the central focus. These events may also affect central bank policy decisions, which in turn have a direct impact on the broader financial markets.

Crypto markets saw gains over the weekend and are maintaining momentum in early Monday trading in Asia. However, a series of upcoming events, including inflation and economic reports, could push them even higher, especially if there’s an increased likelihood of another significant rate cut.

According to the Kobeissi Letter, “A November 50 basis point rate cut was almost entirely priced out last week, but that could change depending on upcoming events.

Last week’s employment and jobs figures highlighted the job market’s resilience, increasing the chances that the economy will grow above trend during the current quarter.

Events to Watch That Could Impact Bitcoin’s Price This Week

Economic Events: Oct. 7 to 11

One of the major events this week is the release of the Federal Reserve’s minutes from its September meeting on Wednesday, offering more insights into how policymakers are viewing the current state of the economy.

On Thursday, the core Consumer Price Index (CPI) report, a key inflation indicator, will be published. This report is closely followed by central bank policymakers, businesses, and consumers as it reflects price trends, consumer spending patterns, and has a direct influence on Federal Reserve policy decisions.

Additionally, the Producer Price Index (PPI) for September will be released on Friday. This event measures the prices producers and manufacturers face, which can lead to retail price changes and provides a glimpse of upcoming inflation trends. Alongside the PPI, the Michigan Consumer Sentiment Index and Consumer Inflation Expectations reports will be released, giving insights into consumer confidence and inflation outlook.

Corporate earnings reports from major players like JPMorgan Chase, Wells Fargo, and BlackRock will also be part of this week’s events, further shaping the market narrative.
Crypto Market Outlook

Crypto markets saw modest growth over the weekend, with total capitalization climbing by more than $100 billion to reach $2.32 trillion by Monday morning in Asia.
Events to Watch That Could Impact Bitcoin’s Price This WeekBitcoin reached a weekly high of $63,900 before pulling back slightly, but it still posted a 2.8% gain for the day, erasing most of last week’s losses. Ethereum performed even better with a 3.7% increase, reaching $2,500 in Monday’s Asian trading session. However, it remains down 4% compared to the previous week.

Other altcoins like Avalanche (AVAX), Shiba Inu (SHIB), Near Protocol (NEAR), Sui (SUI), and Bittensor (TAO) saw larger gains, with the market looking mostly positive. However, ongoing geopolitical events, particularly the rising conflict in the Middle East and Israeli retaliations, may hinder the crypto market’s recovery in the days to come.

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