US Economic Calendar: Events That Could Impact Crypto Market This Week

The US economic data and calendar remain on the watchlist of crypto market participants. Key events are lined up that can affect portfolios, and the country’s political climate still plays an integral role in driving markets.

The United States has one of the biggest economies in the world, and approximately 52 million Americans own crypto.

US Economic Events To Watch This Week

After Tesla’s second quarter (Q2) earnings report, the crypto community remains interested in several other US economic data and events.

• July 25: Q2 2024 GDP data
• July 25: Jobless claims
• July 25 – 27: The Bitcoin 2024 Conference in Nashville
• July 26: June PCE Inflation data

1. GDP

First, investors wait Thursday for the Commerce Department’s Census Bureau’s Q2 gross domestic product (GDP). A slowdown in GDP growth would suggest a potential economic cooling, potentially influencing investor sentiment. This change in sentiment could lead to increased interest in Bitcoin and crypto in general as alternative investments.

2. Initial Jobless Claims

Initial jobless claims coming in slightly better than June could indicate more economic stability, which would benefit Bitcoin and crypto. Higher jobless claims would introduce some uncertainty, potentially negatively influencing investor confidence.

As investors attempt to balance stability in traditional markets with cautious sentiment, crypto could take a choppy turn.

3. PCE Inflation

Friday’s June Personal Consumption Expenditures (PCE) index is also worth watching. It marks the last report on inflation before the Federal Reserve (Fed) gathers for its next meeting at the end of July. Amid anticipation for interest-rate cuts, the data will show whether inflation continued to slow in June. 

As BeInCrypto reported, the Fed demonstrated growing confidence that inflation is approaching the 2% target. Policymakers, having set interest rates at decades-high levels to curb recent inflation spikes, are now awaiting more positive news on price levels before considering any rate reductions.

“The lower-than-expected CPI reading today signals a more significant slowdown in inflation. This could reinforce the market’s expectation of a rate cut in September. Fed Fund futures put the probability at 70% currently, boosting both equities and cryptocurrencies by increasing liquidity and risk appetite,” Jag Kooner, Head of Derivatives at Bitfinex, told BeInCrypto.

Read more: How to Protect Yourself From Inflation Using Cryptocurrency

There is speculation that the Fed will wait until its September meeting to cut interest rates. Others also hope the central bank should move on a rate cut in July. Nevertheless, Friday’s inflation report could strengthen that case for officials.

Ultimately, the Fed will not issue any guidance this week. This is amid an ongoing blackout period preventing public comment ahead of next week’s Federal Open Market Committee (FOMC) meeting.

Bitcoin 2024 Conference

The Bitcoin 2024 Conference will start on Thursday and through to Saturday. Multiple billionaires have lined up on the speaker list, including Donald Trump, among the headliners. Based on recent reports, US Vice President Kamala Harris could ascend the list to scoop some crypto votes.

David Bailey, CEO of Bitcoin Magazine and one of the organizers of The Bitcoin Conference, confirmed the news.

“We’re in talks with Kamala Harris’s campaign for her to speak at the conference. Would be very savvy of her to reset the democrat positioning on the fastest-growing voter block in the country. They’re making up their minds today,” said Bailey in an X post.

Read more: How Can Blockchain Be Used for Voting in 2024?

However, critiques challenge that “Kamala Harris only wants to speak at The Bitcoin Conference because she’s desperate to avoid losing this election, said Wayne Vaughn, adding, “Democrats want some of that sweet money raised by pro-crypto Super PACs.”

As BeInCrypto reported, Donald Trump set $844,600 (13.20 BTC) as the price for a roundtable at Nashville’s Bitcoin Conference. The package includes photos with Trump for $60,000 per person, or $100,000 per couple, as a part of fundraising.

As markets watch the USE economic data, these highlights underscore the need to stay informed and analyze market trends. They also reflect the importance of understanding the interconnectedness between traditional economic indicators and the cryptocurrency market. Ultimately, the key principles for navigating market fluctuations are diversification, risk management, and a long-term investment perspective.

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