The crypto market prepares for volatility with key macro data

• The US presidential election is just over a week away and the result is expected to have a larger impact on the entire crypto market.
• Additionally, the fate of the market is expected to be determined by the US GDP report scheduled to be released on October 30.

The total crypto market cap increased marginally by almost 1% At press time, the total valuation was $2.3 trillion. Meanwhile, this week looks set to be crucial as the countdown to the upcoming US presidential election begins to take shape.

In this article, we have compiled four key US economic events or data that could significantly impact the market ahead of the highly anticipated bull market.

Non-agricultural payroll accounting

According to the records, the Nonfarm Payrolls, which are released every Friday of the month, would be available on November 1. Our researchers explain this as a measure of the number of jobs added in the previous month, excluding government workers and agricultural workers, NGO workers and private household workers.

In relation to the crypto market, analysts assume that a value below expectations primarily raises concerns about economic stability. This implies that investors have a high tendency to look for alternative investment opportunities such as cryptos.

Additionally, a stronger-than-expected report boosts consumer spending and increases demand for digital assets. Meanwhile, economists estimate nonfarm payrolls could rise by 125,000 jobs this month. This potential decrease from September's 254,000 was due to the devastating hurricanes recorded in some parts of the country.

Wow! Nonfarm payrolls rose by 254,000, an upward revision from 72,000 in the previous two months. Big surprise on the other side. Unemployment rate fell to 4.1%. The average hourly wage rose 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 the year (Q3 2024) is expected to be published on October 30. The Commerce Department's Census Bureau was expected to provide a median figure of 3.2%, a slight increase from the previous quarter's 3.0%, experts said. A GDP below this estimated growth rate would indicate an economic slowdown. This would impact investor sentiment in the long run and increase demand for Bitcoin.

US presidential election

The US presidential election is just over a week away and data from Polymarket shows Donald Trump has the best odds on popular betting metrics. This event is expected to have a major impact on the crypto market as Trump's promise to end “so-called” enforcement actions against the industry resonates with major players. Meanwhile, some crypto insiders, including Cardano's Charles Hoskinson, have downplayed the potential impact.

But the reality is that the world is evolving whether the US is pro-crypto or not. As an American, it would be nice if our country got back on track and building things, but regardless, it's not about changing the reality that the world will be decentralized.

Key Mega Cap Earnings

The Mega Cap Earnings Report is expected to be released by these companies on the following dates:

• October 29: Alphabet
• October 30: Microsoft and Meta
• October 31: Amazon and Apple.

According to analysts, investors' decisions in the crypto market would largely depend on the earnings reports of these five companies.

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