This weekly crypto outlook is packed with key economic indicators and major moves in the crypto market, all of which could stir the direction of both the U.S. dollar and digital assets. From potential breakouts in Bitcoin to critical token unlocks in the altcoin market, each event plays a role like a “weather report” for traders and investors. Let’s dive into the key data points and weekly crypto outlook that could impact your portfolio.
Source | Freepik
Economic Highlights for the Week
- U.S. GDP Growth Rate (Oct 30)
- What to Watch: Forecasted growth around 3%.
- Impact: A strong GDP rate indicates a robust economy, which could lift the U.S. dollar. However, a stronger dollar often draws investors away from riskier assets like stocks and crypto.
- Bearish if 3% or more for S&P 500 and Crypto
- ADP Employment Report (Oct 30)
- What to Watch: Anticipated gains in private-sector jobs.
- Impact: Solid job growth signals economic strength, strengthening the USD. However, if job gains are too high, inflation concerns could rise, potentially prompting Fed rate hikes, which could weigh on stocks and crypto.
- High Gains Bearish for S&P 500 and Crypto
- PCE Price Index (Oct 31)
- What to Watch: Expected at 2.5%, this inflation measure is closely monitored by the Fed.
- Impact: Higher-than-expected inflation could prompt the Fed to take further action, cooling investor confidence. Stable or lower inflation may offer relief for stocks and crypto.
- Bearish if higher than 2.5% for S&P 500 and Crypto
- Unemployment Rate (Nov 1)
- What to Watch: Job growth and an unemployment rate forecasted at 4.2%.
- Impact: Strong job growth can lift the dollar but may also spark inflation concerns, leading to potential rate hikes. Moderate growth may signal a balanced economy.
- Bearish if higher than expected for S&P 500 and Crypto
Key Crypto Events to Watch
Source | UToday
Altcoin Market Insights
- Weaker Altcoin Seasons Ahead
Crypto Analyst and trader Willy Woo tweets on X foresees weaker altcoin seasons over time as the market matures. While alt seasons will continue, they may be shorter and primarily speculative, focusing on smaller cap and meme coins.
Willy Woo claimed that the current alt cycle is shaping to be “about memecoins,” which he described as a “piss-take on the crypto space.”
Major Token Unlocks
- ApeX (APEX): 9.24MM Unlock
On Oct 27, ApeX will unlock about 19.16% of its circulating supply.- Impact: Likely short-term selling pressure.
- Bearish for APEX
- Celestia (TIA): 175.59MM Unlock
Scheduled for Oct 30, this unlock will release nearly 79.75% of TIA’s supply, valued at around $900 million.- Impact: Potentially high volatility.
- Bearish for TIA
- Harmony (ONE): V2024.3.1 Fork
Harmony’s Oct 31 fork brings enhancements in decentralization and security.- Impact: A successful fork could drive investor confidence.
- Bullish for ONE
- Sui (SUI): 64.19MM Unlock
On Nov 1, Sui will increase its circulating supply by 2.32%.- Impact: Minimal selling impact expected.
- Neutral for SUI
- ZetaChain (ZETA): 53.89MM Unlock
With an 11.72% supply unlock scheduled for Nov 1, ZETA may see selling pressure.- Impact: Short-term volatility.
- Bearish for ZETA
Japan’s Push for Crypto ETFs
- Bitcoin and Ethereum ETF Proposal
According to this article from bitcoinist, Japan is eyeing Bitcoin and Ethereum ETFs, with an industry group, including major financial institutions like
Mitsubishi UFJ Trust and Banking Corp. and
actively pressing for regulatory approval. This coalition argues that Bitcoin and Ethereum’s track records, large market caps, and proven market value make them particularly well-suited for long-term asset-building. They highlight that introducing these ETFs could bring Japan in line with other countries, potentially attracting institutional attention and fostering a more competitive landscape for digital asset investment. The group also recommends a tax reform to further support individual and institutional crypto investors.
- Impact: Approval could be a significant positive for market sentiment and an opportunity to diversify Japan’s financial offerings.
- Bullish for Crypto Market
Conclusion
This week’s weekly crypto outlook, the economic calendar and crypto events could bring plenty of volatility to both traditional and digital markets. It’s crucial to monitor these key events to understand potential movements in the USD, S&P 500, and the broader crypto market.
At Millionero, we’re here to keep you informed with the latest insights, but remember, nothing we provide is financial advice. We’re here to share opinions and market data to help you make informed choices. As always, do your own research (DYOR) and stay updated with the latest on our blog at blog.millionero.com. When you’re ready to trade, visit millionero.com to explore our spot and futures trading options.