The crypto market faced volatility before the speeches on CPI, PPI, and Warsh.
Before a series of key economic events this week, the trading sentiment in the global cryptocurrency market is cautious. Investors are currently focusing on U.S. inflation data ( CPI ), oil market reports, as well as the speech by Federal Reserve Chairman Kevin Warsh , in search of clues to the Fed's next moves.
Bitcoin has rebounded to around $84,000, and the total market value of global cryptocurrencies has increased by 1.4% in the past 24 hours, reaching $2.91 trillion.
Key Economic Events of This Week
The following are the main events that investors will be closely watching, as these may provide clues for the next moves in the crypto currency, stock, and global markets.
October 13th — OPEC Monthly Report
This Tuesday, on October 13th, the first key event will take place: the Organization of Petroleum Exporting Countries (OPEC) will release its monthly oil market report. OPEC has lowered its forecast for global oil demand growth in 2026 to 400,000 barrels per day, which is lower than the previous estimate of 1.4 million barrels per day.
However, the tense situation surrounding the Strait of Hormuz remains concerning, as attacks on vessels continue to occur, and the threats to the energy infrastructure in the Middle East are also on the rise.
These concerns have driven the price of Brent crude oil above $105 per barrel, exacerbating inflation fears and putting pressure on Bitcoin and other crypto assets.
October 14th — US CPI data
The market will focus on the Consumer Price Index (CPI) for September data to be released on Wednesday ( CPI ). Economists expect inflation to rise from 3.4% year-on-year in August to 3.7%.
The core CPI is expected to remain at a year-on-year growth of 2.5%, while the core month-on-month inflation is expected to slow down to 0.2%.
If core inflation falls below expectations, the pressure on the Federal Reserve to raise interest rates further may ease, which could provide support for Bitcoin and Ethereum.
October 15th — PPI Inflation and Initial Jobless Claims Data
Two important U.S. economic data will be released on Thursday: the Producer Price Index for September ( PPI ) and the number of people filing for unemployment benefits at the beginning of each week.
It is expected that PPI inflation will rise by 0.9% month-on-month, and the core PPI is expected to rise by 0.4%. Final demand in August PPI rose by 0.4% month-on-month and 5.4% year-on-year.
At the same time, the number of people initially claiming unemployment benefits is expected to reach around 202,000, slightly higher than the previous figure of 197,000. A higher number of initial claims for unemployment benefits may indicate a weakening of the U.S. economy and could affect Bitcoin and other cryptocurrencies.
October 16th — Speech by Federal Reserve Chairman Kevin Warsh
As this week comes to an end, Federal Reserve Chairman Kevin Warsh plans to deliver a speech at the annual meeting of the International Monetary Fund to be held in Bangkok, Thailand on Friday.
Before the FOMC meeting later this month, his comments may provide clues to the Fed's next policy moves.
Meanwhile, after New York Federal Reserve Chairman John Williams stated that there was no need to rush to raise interest rates again, market expectations for a rate hike in October have clearly shifted. CME FedWatch Tools currently show that the probability of the Federal Reserve keeping interest rates unchanged is 80%.
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