Crypto Market Watch: US Economic Events in Spotlight

US Economic Calendar This Week: Events To Shake Crypto Market

The trajectory of the crypto market is frequently determined by macroeconomic trends, and this week is no different. There is a series of significant US economic events scheduled for the week, including JOLTS Job Openings, CB Consumer Confidence, ADP Nonfarm Employment and Change, ISM Manufacturing PMI, Initial Jobless Claims, and Jobs. Each of these events will define the market sentiment during the week.

What to Expect This Week?

In a recent X post, The Kobeissi Letter shared insights on the major macroeconomic events looming. The Job Openings and Labor Turnover Survey (JOLTS) report and the Labor Department jobs report indicate the health of the labor ecosystem, with job openings and employment gains influencing prospects for economic growth or slowdown. The CB Consumer Confidence gives an indication of consumer attitudes toward spending, which influences industry expectations. The ADP Nonfarm Employment statistics provide a glimpse of the private job space growth, while the ISM Manufacturing PMI report provides an assessment of the manufacturing sector.

According to the US economic calendar, the JOLTS report is likely to show that it has decreased from last month's 7.2 million to 7.1 million. At the same time, the US unemployment report is predicted to stay stable at $4.3% and jobless claims may exhibit a sharp rise from 218,000 to 228,000. ADP statistics may reach 40,000, declining from the previous value of 54,000. Also, economists predict that the customer sentiment is likely to decline from 97.4 to 95.8.

How Will These Events Impact the Crypto Industry?

Importantly, the crypto market is about to be significantly impacted by these events. A sharp increase in unemployment claims and a drop in job openings may indicate a slowdown in economic growth, but they may also push investors toward alternative assets like cryptocurrencies. Additionally, a decline in consumer sentiment from 97.4 to 95.8 points could have an effect on the crypto market as well as economic growth.

The $3.85 trillion crypto market is currently up 2.08%. Over the past day, there have been notable increases of 2.02%, 2.42%, 2.36%, and 3.89% for popular cryptocurrencies like Bitcoin, Ethereum, XRP, BNB, and Solana, respectively. As per expert predictions, the industry is poised to see a major uptrend this week. But, given the unpredictable nature of the industry, it needs to be seen how these macroeconomic developments will impact the price trends.