Top 3 Things That Could Move the Crypto Market This Week

The cryptocurrency market faces three economic tests this week as inflation and employment figures could reshape Federal Reserve expectations. 

Bitcoin (BTC) traded near $74,922, Ethereum (ETH) around $2,122, and XRP price at $1.10 in Monday’s late trading. Investors are also tracking Iran diplomacy, falling oil prices, and signs of Bitcoin accumulation.

Tuesday’s October CPI Inflation Data Could Shape Crypto Sentiment

The October consumer price index is Tuesday’s first big test on inflation with the release of Nov. 10. The markets were already betting that the FOMC would raise its interest rate by about 80% after Friday’s employment report.

A better reading could reinforce tightening expectations and dampen cryptocurrencies by driving up the dollar and Treasury yields. 

A softer finish might help take the pressure off, but a report would not create a trend of disinflation. A key concern is energy as traders evaluate the prospects for lower oil prices to help improve inflation expectations.

Thursday’s Initial Jobless Claims Put the US Labor Market in Focus

Thursday’s weekly claims release will provide another measure of layoffs after October’s stronger employment figures. If claims were to be lower, there would be more evidence of the economy’s ability to handle tighter monetary policy.