After the incredible Election-based surge of the crypto market, investors have polarizing views about how the market will move further. Many believe that a crash is imminent while others think that the upward trend will continue where BTC will reach $100,000.
It is easy to make vague predictions on whether the market will go up or down, but the underlying reality shows that it is much more complex than what we see. Various factors, including those that have no direct correlation to the crypto market, affect the charts, and it emphasises the importance of deep research before investing.
This article will get into the details of some of the upcoming economic events on U.S. soil, that will have a strong impact on the global economy, especially the cryptocurrency market. We will list four of them, provide the dates, and discuss how these events will affect the whole market. Let’s begin without any further delay.
Initial Jobless Claims
- Date: November 21, 2024
This is a weekly jobless claims data published by the U.S. Department of Labour that tracks the individuals applying for unemployment benefits. This week’s report will be released on Thursday, 21st November. Last week’s data reported around 217,000 claims.
The Initial Jobless Claims is an early indication of the economy’s movement. It reveals the health of the labour market and indicates the demand for workers. When the number decreases over weeks, it signals that there are a lot of people who earn money regularly, ensuring regular investments in assets.
The data from Initial Jobless Claims is crucial for the government to create various economic policies, including the Federal Reserve’s decisions on money supply. This will have a wholesome impact on the market sentiment.
S&P Global US Manufacturing PMI
- Date: November 22, 2024
It is a PMI (Purchasing Manager’s Index) published by S&P Global, the parent company of various financial institutions. As a manufacturing PMI, it includes comprehensive research about U.S. manufacturing.
With surveys of purchasing managers, details on production levels, and performance analysis of manufacturing, it is an important source of how the economy is being navigated in the country.
If the value of the PMI is above 50, it signifies the expansion of U.S. manufacturing, and if it is below 50, it means a contraction. The previous month it was around 48.5, and if it further decreases this month, it will affect the overall confidence of the crypto market and can ignite a bear phase.
S&P Global Services PMI
- Date: November 21, 2024
Similar to the manufacturing PMI, it is also a monthly indicator that interprets the business activity among the U.S. service sectors. If it goes above 50, it means an expansion and a below 50 reading indicates contraction. Last month it was 54.1, signalling growth in the services sector.
The growth is reflected in the economic boom, including BTC reaching its all-time high. As the first PMIs after the US elections, both are anticipated by a huge number of investors and traders.
Nvidia Corporate Earnings
- Date: November 20, 2024
Nvidia Corporation releases quarterly financial reports regularly, and the Q3 report is set to be released on 20th November. The report includes detailed revenue growth of the corporation. As an important venture in the U.S. tech realm, Nvidia’s products are used in major sectors including crypto mining.
Nvidia Corporation’s earnings reflect how well the tech sector in the U.S. is. If the growth is higher, it will naturally attract investors into the tech industry, especially the most technologically advanced altcoins.
How to Identify the Market Condition With These Events?
If the PMI readings are high enough, and the jobless claims decrease, we can expect another bullish vibe, and it will be further boosted if Nvidia earnings are better as expected. However, the chances for the opposite scenario are also high, as there is a probability for jobless claims to increase. Anyhow, let’s wait and see.
To know how the crypto market will travel in the next quarter or the next economic year, we have to rely on high-quality research data and keep a keen eye on events happening around. The four events listed above are some of the activities at the tip of the iceberg, and we recommend you do your research to dig deeper to find profound insights about the market. Happy investing!