3 Major US Economic Events That Could Impact Crypto Markets This Week

🟡Consumer Price Index (CPI)

The highlight of this week’s US economic data will be the Consumer Price Index (CPI) data for September, released by the US Bureau of Labor Statistics (BLS) on Thursday, October 10.

Economists expect headline inflation to rise by 0.1% in September. If the data released on Thursday is better than expected, it would indicate that inflation could pick up again in the coming months. This could limit how quickly the Federal Reserve can further reduce its policy rate and, more importantly, reduce the likelihood of further gains for Bitcoin.

🟡Producer Price Index (PPI)

The US Bureau of Labor Statistics will also release the core Producer Price Index (PPI) for September this week. This data determines price increases at the producer level. Its impact on financial markets comes from the fact that it measures inflation at the wholesale level.

A rise in PPI indicates rising production costs, which could lead to higher costs for energy and hardware required to mine and process cryptocurrencies. Therefore, a rise in the core PPI on Friday could have a negative impact on Bitcoin and cryptocurrencies.

🟡Q3 Earnings

As an additional surprise to US economic data, the Q3 corporate earnings season will begin this week. Large financial companies like JPMorgan Chase (JPM), Wells Fargo (WFC), and BlackRock (BLK) are set to report earnings on Friday, which could also move the market.