See More

Can Crypto Markets Bounce Back on This Week’s GDP Report?

2 mins
Updated by Ciaran Lyons
Join our Trading Community on Telegram

In Brief

  • Crypto markets show decline as Bitcoin ETF fervor fades, with a busy economic week ahead, including the release of US quarterly GDP figures.
  • This week's economic events include the release of the Manufacturing PMI, Services PMI report, and December's Core Personal Consumption Expenditures report.
  • Crypto market outlook remains uncertain despite a positive economic outlook, with total market capitalization remaining flat over the weekend at $1.71 trillion.
  • promo

Monday sees the start of another busy economic week with a number of key events on the calendar in the United States, such as sales quarterly GDP figures. Moreover, crypto markets have been in retreat over the weekend as Bitcoin ETF fervor fades and the correction continues.

Macroeconomics outlet The Kobeissi Letter listed the key economic events for the United States for the week beginning January 22. It follows a week of declines on crypto markets which are cooling after the long-awaited approval of spot Bitcoin ETFs in the US.

Macroeconomics Calendar

Wednesday, January 24 sees the release of the Manufacturing PMI (Purchasing Manufacturer’s Index). This captures business conditions in the manufacturing sector, contributing a significant part of the total GDP.

Therefore, it is an important indicator of business conditions and the overall economic condition in the US. The Services PMI report is also released on Wednesday. The direction and rate of change in the PMIs usually precede changes in the overall economy and both are expected to fall slightly.

Thursday is the quarterly gross domestic product report for the fourth quarter of 2023. GDP is a comprehensive measure of US economic activity. Moreover, changes in this data point tend to reflect the nation’s overall economic health. After 4.9% growth in the third quarter, the economy is expected to have grown by around 1.8% in the fourth.

Read more: How to Protect Yourself From Inflation Using Cryptocurrency

December’s Core Personal Consumption Expenditures (PCE) report will be published on Friday. The data reflects the average amount of money consumers spend monthly, excluding seasonally volatile products such as food and energy.

Central bank policymakers use the annual Core PCE Price Index as their primary gauge of inflation. Furthermore, analysts expect it to show a slight uptick on a monthly and annual basis.

This week's economic calendar. Source: X/@markets_bot
This week’s economic calendar. Source: X/@markets_bot

It will also be a stacked week for earnings reports with firms including Tesla, Intel, and Visa, releasing revenue data. 

Crypto Market Outlook 

A positive economic outlook is generally good news for high-risk assets such as cryptocurrencies. However, markets are still cooling following their three-month rally. 

Total market capitalization remained flat over the weekend at $1.71 trillion. Bitcoin was unmoved after Friday’s options expiry, trading at $41,368 during the Monday morning session in Asia.

However, most of the altcoins had started to retreat again with larger losses for Solana, Cardano, Dogecoin, and Polkadot. 

Although daily losses remain small at the moment, red is the predominant colour for crypto markets this Monday. 

Top crypto projects in the US | April 2024
Coinbase Coinbase Explore →
AlgosOne AlgosOne Explore →
Harambe AI Harambe AI Explore →
Chain GPT Chain GPT Explore →
iTrustCapital iTrustCapital Explore →



In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...