This week promises to be eventful for the cryptocurrency sector as the Federal Reserve prepares to announce its interest rate decision alongside several significant economic reports from the U.S. The total market capitalization for cryptocurrencies currently sits at $2.75 trillion, reflecting a 1.6% decline over the last 24 hours, with Bitcoin dropping below $80,000.
Important U.S. Events to Monitor This Week
- October 28: Fed Meeting and Interest Rate Announcement
The Federal Open Market Committee’s meeting scheduled for October 27-28 is a major focal point. During its September gathering, the Fed raised the federal funds rate by 0.25%, bringing it to a range of 3.75%-4% for the first time in over three years.
However, as per CME FedWatch data, there’s an 88% likelihood that rates will remain unchanged in this meeting. Previous reports from Coinpedia noted that John Williams, President of the New York Fed, indicated a lack of urgency for immediate rate hikes.
Traders are particularly interested in Chair Kevin Warsh’s press conference for insights into the Fed’s future policy moves.
October 29: September PCE Inflation Report & Initial Jobless Claims
On October 29, attention will shift to the Personal Consumption Expenditures (PCE) inflation data for September, which is expected to indicate a rise in inflation following recent increases in consumer and producer prices.
The headline PCE inflation rate is projected to climb to 3.6% year on year from 3.4% in August. Monthly PCE is anticipated to be 0.5%, with core PCE likely rising by 0.3% month over month and 3.1% year over year.
Additionally, the latest figures for initial jobless claims will be released simultaneously, with last week’s claims, which fell to 194,000, expected to rise to 198,000.
- October 29: Q3 2026 U.S. GDP Report
Another significant statistic to be released this week is the GDP growth report for the U.S. for the third quarter of 2026. Economists estimate that the U.S. economy will experience an annual growth rate of 3.0% to 3.2%, an increase from the previous quarter’s 2.2%.
$12 Billion Bitcoin Options Expiry Could Increase Market Volatility
To conclude the week, Bitcoin options worth approximately $11.1 billion to $12.2 billion will expire on Friday, potentially affecting market volatility. Currently, Bitcoin is trading around $79,921, with a crucial support level at $78,000.
Ethereum is also facing an options expiry, with 322,586 contracts valued around $777 million due to expire. The max pain price for Ethereum is reported at $2,500, while ETH is trading below $2,300.
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