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Jobs data, earnings calls: Crypto Week Ahead
TL;DR
This week features key economic tests including jobs data and earnings reports from major crypto firms. The Federal Reserve's decisions may be influenced by the jobs report and upcoming speeches from Fed officials.
Key points
- April jobs data release is crucial for Federal Reserve decisions
- Major crypto firms report Q1 earnings this week
- Riot sold 3,778 BTC last quarter at $76,626 average price
- Federal Reserve officials discuss central bank independence
- Market volatility remains low despite potential catalysts
Mentioned in this story
Federal ReserveCoinbaseMARACleanSparkHut 8Core ScientificRiotMary DalyAustan Goolsbee
Hoover
Three tests land inside one week. The first is jobs data, with April payrolls print coming, the first read after a delay caused by the 2025 federal shutdown.
A weaker-than-expected print gives the Federal Reserve cover to cut sooner. A strong one delays it. The second is additional insight into the bitcoin treasury trade.
Strategy, Coinbase, MARA, CleanSpark, Hut 8 and Core Scientific all report Q1 earnings inside the week. Riot already sold 3,778 BTC last quarter at an average $76,626. MARA sold 15,133.
The third is the Fed itself. San Francisco Fed CEO and President Mary Daly and Chicago Fed President Austan Goolsbee speak on central bank independence at Hoover on Friday, the same week Jerome Powell exits his chair role (but not the Fed itself) under White House pressure.
“Investors aren’t heavily positioned and volatility remains low, creating an asymmetrical setup: markets appear stable on the surface but could react quickly to any catalyst that forces a repricing of risk,” Jennifer Hanny, a partner at Echo Base, told CoinDesk.
What to Watch
(All times ET)
- Crypto
- May 4: Coinbase to delist dai (DAI) and convert remaining tokens to USDS.
- May 4: ZKsync Lite to be fully deprecated.
- Macro
- May 4, 11:30 p.m.: Reserve Bank of Australia Interest Rate Decision est. 4.35% (Prev. 4.1%)
- May 5, 09:00 a.m.: U.S. JOLTs Job Openings for March(Prev. 6.882M)
- May 5, 09:00 a.m.: U.S. ISM Services PMI April est. 54 (Prev. 54)
- May 6, 4:00 a.m.: Euro Area Producer Price Index YoY for March (Prev. -3%); MoM (Prev. -0.7%)
- May 6, 07:15 a.m.: U.S. ADP Employment Change for April (Prev. 62K)
- May 6, 06:50 p.m.: Bank of Japan Monetary Policy Meeting Minutes
- May 7, 07:30 a.m.: U.S. Initial Jobless Claims for period ending May 2 (Prev. 189K)
- May 7, 03:30 p.m.: U.S. Fed Balance Sheet for period ending May 6 (Prev. $6.700T)
- May 8, 7:30 a.m.: Canada Unemployment Rate for April (Prev. 6.7%)
- May 8, 07:30 a.m.: U.S. Non Farm Payrolls for April est. 73K (Prev. 178K)
Q&A
What is the significance of the April jobs data release for the Federal Reserve?
The April jobs data will help determine if the Federal Reserve can cut rates sooner or if a strong report will delay such actions.
Which companies are reporting Q1 earnings this week in the crypto sector?
Companies reporting Q1 earnings include Strategy, Coinbase, MARA, CleanSpark, Hut 8, and Core Scientific.
What did Riot sell in terms of Bitcoin last quarter?
Riot sold 3,778 BTC last quarter at an average price of $76,626.
Who are the Federal Reserve officials speaking this week and what is the topic?
San Francisco Fed CEO Mary Daly and Chicago Fed President Austan Goolsbee will speak on central bank independence at Hoover.
