Key economic data released this week, including housing market figures and jobless claims, are expected to impact the cryptocurrency market. With Bitcoin hovering around $68,000 and Ethereum at $2,700, traders are anticipating possible price swings as these reports provide insight into the health of the U.S. economy.
The cryptocurrency market has been relatively positive despite some volatility. The upcoming U.S. elections in November are another factor that could drive significant market movements in the coming weeks. Cryptocurrency commentator The Kobeissi Letter took to X on October 20 to highlight the importance of this weekâs economic calendar.
Existing home sales data, due out on Wednesday, will provide a snapshot of the health of the U.S. housing market. While the event may have limited impact on the cryptocurrency market, it will have important implications for the broader U.S. economy.
Housing market and jobless claims data in focus
Further home sales data will be released on Thursday, providing further insight into the housing sector. Initial jobless claims data, also due Thursday, will shed light on the state of the labor market and its impact on overall economic activity. The stronger-than-expected September jobs report had a significant impact on the cryptocurrency market, and this upcoming report is also expected to have broad economic implications.
Friday will see the September durable goods orders report, which will shed light on manufacturing activity and demand for big-ticket items like vehicles and appliances. The reports serve as an indicator of consumer sentiment.
Consumer sentiment and inflation expectations to end the week
Also on Friday, weâll see the Michigan Consumer Sentiment Index for October and the Consumer Inflation Expectations report. The former is a monthly survey that gauges consumer confidence, spending attitudes, and the overall economic outlook. The latter provides insight into consumersâ perceptions of long-term inflation trends.
While the cryptocurrency market is heavily influenced by economic factors, investors are still eager to see how the market will react to this weekâs news. Given the volatility and unpredictability of the market, the outcome remains uncertain.
