Three major U.S. economic events this week may affect the trend of Bitcoin:

This week's cryptocurrency market may be affected by three major events in the U.S. economy, which may affect the price of Bitcoin and other cryptocurrencies.

First, Bitcoin has been hovering between $60,000 and $57,000 recently. Although the market faced some challenges in September, investors still have expectations for the market performance in October.

1) Trump's DeFi project WLFI launched

This Monday, the U.S. market was lively because of the launch of Trump's decentralized finance (DeFi) project World Liberty Financial (WLFI). Trump live-streamed the launch of this project on Twitter Spaces, and he seemed to challenge the status of traditional banks with cryptocurrency.

2) U.S. retail sales data

Next, the U.S. Department of Commerce will release retail sales data on Tuesday. This data is important because it reflects the trend of consumer spending, which is the bulk of the U.S. economy.

Retail sales fell 1% in July, worse than economists expected. If August retail sales are strong, it would suggest that the economy is healthy, which could boost confidence in risky assets like cryptocurrencies and stocks.

3) FOMC rate decision

On Wednesday, the Federal Open Market Committee (FOMC) will make its rate decision. U.S. inflation has cooled recently, so a rate cut is almost certain. But how much is still unclear, and market participants are watching closely.

According to the CME FedWatch tool, there is a 59% chance of a 50 basis point cut and a 49% chance of a 25 basis point cut. The impact of a rate cut on Bitcoin and other risky assets depends on how much traders have already predicted. A 25 basis point cut might cause Bitcoin to react cautiously.

JPMorgan Chase's chief U.S. economist believes there is a good reason to accelerate the pace of rate cuts. However, a 50 basis point cut could cause investors to worry about the state of the economy and avoid riskier assets, such as Bitcoin.

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