Several key economic events this week could significantly influence Bitcoin's price, just weeks before the US elections.
Economic Events This Week
A number of crucial events are set to occur in the coming days that could impact BTC's trajectory: 1. Dallas Fed President Lorie Logan will speak at the annual SIFMA meeting. (October 21) 2. Kansas Fed President Jeffrey Schmid will address the economic and monetary policy outlook. (October 22) 3. The IMF will release the Global Economic Outlook report. (October 22) 4. The Bank of Canada will announce its interest rate decision and monetary policy report. (October 23) 5. ECB President Christine Lagarde will discuss the European economic outlook. (October 23) 6. The IMF-World Bank annual meeting will be held. (October 23) 7. Bank of Japan Governor Kazuo Ueda will speak at the IMF-sponsored Governors' Meeting. (October 24) 8. The US Federal Reserve will release its Beige Book on economic conditions. (October 24) 9. US initial jobless claims for the week will be reported. (October 24) 10. The US final University of Michigan consumer confidence index for October will be announced. (October 25) These events may influence market expectations regarding future interest rate cuts and further drive the trajectory of Bitcoin's price and the crypto market.
Bitcoin Price: Current Status
At the time of writing, Bitcoin is trading above $68,000, up approximately 0.3% over the past 24 hours. Earlier, Bitcoin reached levels above $69,000, marking a significant high not seen since June. This recent BTC rally kicked off last week, on October 14, when Bitcoin began surging from around $62,000. This surge has been fueled by multiple factors, including consistent inflows into BTC ETFs in the US, whale accumulation, and the growing odds of a Trump victory in the upcoming US elections.
Crypto Market Outlook
As the US election approaches, Trump's support continues to increase. According to Polymarket data, Trump leads Kamala Harris 60.7% to 38.9%. [Greeks.live](https://x.com/GreeksLive/status/1848003820372296154) noted that the IV election cycle remains relatively firm, with markets already beginning to price in a potential Trump 2024 election victory. They also highlighted that Bitcoin's major term IVs have stabilized at 55% around the US elections, making this week a good opportunity for laying out medium to long-term calls. Regarding the crypto interest rate market, the Bitfinex interest rate market has remained relatively stable with occasional high-interest orders of 20%.
The listed economic events this week may significantly impact Bitcoin's price and the overall crypto market, as investors closely watch developments in anticipation of future changes.