The October Crypto Calendar: Economic events that matter
Crypto and other financial markets are hard to predict, but some events trigger the markets more than others. Stay updated with market movements and make a note of the following important economic dates in October.
🔍 September recap
Crypto markets started September with the Securities and Exchange Commission (SEC) further delaying its decision on whether to approve the many Bitcoin exchange-traded fund (ETF) applications under review.
The price of Bitcoin dropped below $26,000, where it hovered for some time before again finding support above this level. This was until a notable blip in the markets around 12 September saw Bitcoin dip below $25,000, with analysts crediting growing concerns about the potential impact of defunct crypto exchange FTX selling its crypto holdings to pay back creditors and investors. Solana (SOL), of which FTX was a large holder, was at one point down by more than 10%.
The markets regained some ground through the rest of the month in the lead-in to the Federal Reserve’s September meeting, with most analysts believing – correctly, as it turned out – that Jerome Powell and his team at the Fed were going to pause rate hikes.
The “higher-for-longer” narrative around interest rates kept any meaningful price gains in check, as Bitcoin and many other cryptocurrencies ended the month in roughly the same ballpark where it started at the beginning of September.
What’s on in October?
What? MADANI Budget 2024 to be tabled
📅 When? Friday, 13 October
Why is it relevant? PMX, Anwar Ibrahim will be presenting the second MADANI budget as Finance Minister that will take place on 4PM, October 13. It outlines government revenue and spending plans for the fiscal year and serves as a financial roadmap to meet Malaysian’s needs and promote the nation’s economic well-being.
United States of America
What? US ISM Services Purchasing Managers’ Index (PMI)
📅 When? Wednesday, 4 October
Why is it relevant? The US ISM Services PMI measures the health of the American services sector, which includes industries like healthcare, retail, and hospitality. Investors pay close attention to these numbers because the services sector makes up a significant portion of the US economy.
What? US unemployment rate and non-farm payrolls
📅 When? Friday 6 October
Why is it relevant? US unemployment numbers serve as a critical indicator of the overall health of the US economy.
What? Producer Price Index
📅 When? 11 October
Why is it relevant? Producer Price Index (PPI) tracks the inflation or deflation in the prices that businesses receive for the goods and services they produce.
What? FOMC minutes
📅 When? Wednesday, 11 October
Why is it relevant? The Federal Open Market Committee (FOMC) minutes provide valuable insights into the thinking of the Federal Reserve Bank regarding the way forward with interest rates.
What? US Consumer Price Index
📅 When? Thursday, 12 October
Why is it relevant? The US CPI highlights inflation trends, which have a significant impact on financial markets and investment decisions. CPI measures the average change over time in the prices paid by urban consumers for a basket of goods and services, reflecting the cost of living.
What? Month-on-month US inflation rate
📅 When? Wednesday, 12 October
Why is it relevant? The inflation rate in the US will decide the Fed’s plans with interest rates. High inflation may call for further rate hikes, while signs of inflation slowing may lead to a pause or even a decrease in interest rates.
What? European Central Bank (ECB) interest rate decision
📅 When? Thursday, 26 October
Why is it relevant? Just as in the US, financial markets often react sensitively to these rate decisions. Lower interest rates can stimulate economic activity and boost stock markets, while higher rates can have the opposite effect.