- There is just over a week left until the US presidential election, and the results are expected to have a major impact on the entire virtual currency market.
- In addition to this, the fate of the market is expected to be determined by the US GDP report due on October 30th.
The market capitalization of virtual currencies increased slightly, 1% At the time of writing, the overall valuation is pegged at $2.3 trillion. Meanwhile, this week is expected to be a crucial one as the countdown to the next US presidential election begins to take shape.
In this article, we have summarized four major US economic events or data that could have a major impact on the market ahead of the long-awaited bull market.
Payroll calculation for non-agricultural sectors
Records show that non-farm payroll statistics are released every Friday and are scheduled to be released on November 1. Our researchers explain that this is a measure of the number of jobs added from the previous month, excluding government employees and farm employees. , NGO workers, and employees of private households.
Relating this to the crypto market, analysts believe that the lower-than-expected numbers primarily raise concerns about economic stability. This means that investors are more likely to seek alternative investment opportunities such as cryptocurrencies.
The better-than-expected report also boosts consumer spending and increases demand for digital assets. Meanwhile, economists predict that nonfarm payrolls could rise by 125,000 this month. This possible drop from the 254,000 deaths recorded in September is related to devastating hurricanes recorded in some parts of the country.
Oops! Non-farm payrolls rose by 254,000, revised upward from 72,000 in the previous two months. Big surprise on the upside. The unemployment rate fell to 4.1%. Average hourly wage increases by 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 this year (Q3 2024) is scheduled to be released on October 30th. Experts say the median increase in data released by the Commerce Department's Census Bureau is likely to be 3.2%, a slight increase. This is an increase from the 3.0% recorded in the previous quarter. If GDP falls below this estimated growth rate, it would indicate a weakening of the economy. This will impact investor sentiment in the long run and increase demand for Bitcoin.
us presidential election
With just over a week to go until the US presidential election, data from Polymarket reveals that Donald Trump has the best odds on popular betting metrics. The event is expected to have a major impact on the crypto market, as President Trump's pledge to end “so-called” enforcement actions against the industry resonates with major companies. Meanwhile, some crypto insiders, including Cardano's Charles Hoskinson, are downplaying the potential impact.
But the reality is, whether the US is pro-crypto or not, the world is moving on… As Americans, it's great to see our country get back to competing and building something. But in any case, it is not progressing to change the reality that the world is becoming more decentralized.
Main mega cap income
Megacap earnings reports are expected to be released by these companies on the dates attached.
- October 29th: Alphabet
- October 30th: Microsoft and Meta
- October 31st: Amazon and Apple.
Analysts say investors' decisions on the crypto market will largely depend on the earnings reports of these five companies.
