2 Macroeconomic Events to Watch Today: Could They Trigger Crypto Market Crash?

The better updates on Trump’s trade war and the FOMC meeting result have resulted in a crypto market rally today. Although experts have anticipated high volatility around the Fed’s decision on interest rates, the market remains relatively stable and even bullish for a few cryptocurrencies. However, this may not last long as two important macroeconomic events will take place today, May 8, whose outcome would affect the digital assets. Let’s discuss.

Crypto Market News: Key Macroeconomic Events to Watch Today

Various macroeconomic events put strong pressure on the crypto market, and two such events are happening today. Economic data releases, including Initial Jobless Claims, Unit Labor Costs, Fed’s Balance sheet, and many others, will take place on May 8.

In this, the Initial Jobless Claim is an important macroeconomic event, which will be released at 8:30 ET. It is expected at 231k, down from the previous 241k per Zacks report. In addition, the Coinbase Q1 2025 earnings report will be out.

Coinbase is among the biggest cryptocurrency exchanges and has a significant impact on the digital assets and stock market. Crypto investors and stock investors are awaiting its results, especially as analysts expect EPS to be $1.93, less than Q4 2024 ($2.26).

In addition, experts also foresee a decline in revenue and trading volume. Altogether, this could affect the cryptocurrency market and the COIN stock price. The Coinbase earnings report will be announced on May 8, 2025, once the market closes.

Coinbase crushed it in Q1 2024

– Revenue: $1.6B (+72% vs Q4)
– Opex: $0.9B (+5% vs Q4)
– Net Income: $1.2B (+331% vs Q4)
– Adj. EBITDA: $1.0B (+213% vs Q4)
– Cash: $7.1B (+24% vs Q4)
– 2x USDC on platform vs Q4
– 8x Base developers vs Q4 pic.twitter.com/nEO96t687p

— Ryan Rasmussen (@RasterlyRock) May 2, 2024

Will the Crypto Market Crash Next?

The performance of the digital assets and the market depends entirely on the sentiments of the investor. The decline in Coinbase earnings report expectations already indicates the weaker sentiments of the users, and the other macroeconomic events could worsen it.

If the Jobless Claims are lower than expected, the crypto market could crash. However, if the data is above expectations, the market could rally. The FOMC meeting result has fueled the rally of the digital assets, and more can be anticipated, but uncertainty remains.

Bitcoin price has surged massively and is nearing the $100,000 mark. A bullish stimulus from these macroeconomic events could aid in the rally.