News 
May 8, 2025 
4 min. 
Following the recent FOMC meeting, the crypto market has entered a notable uptrend, defying earlier predictions of heightened volatility linked to the Fed’s interest rate decision. While some digital assets are gaining bullish momentum, this stability may not last. Today, May 8, 2 key macroeconomic events will unfold. Their outcomes could shift the direction of the crypto market. Here’s what investors should watch.
Crypto Market Outlook: 2 Key Macroeconomic Events That Could Sway Prices Today
The crypto market is preparing for potential volatility, as 2 key macroeconomic events take place today, May 8. These include critical U.S. economic indicators and a major earnings release, both of which may influence digital asset prices and broader market sentiment.
One of the most anticipated data points is the Initial Jobless Claims report, scheduled for release at 8:30 AM ET. According to Zacks, analysts forecast 231,000 claims, down from last week’s 241,000. Investors closely monitor this figure as a gauge of labor market strength, which in turn shapes expectations around future Fed actions.
Additionally, the Q1 2025 earnings report from Coinbase, one of the largest crypto exchanges, is expected after market close. Wall Street predicts an earnings per share (EPS) of $1.93, down from $2.26 in Q4 2024. Analysts also expect lower revenue and trading volume, which could place downward pressure on both COIN stock and the broader crypto market.
In contrast, Coinbase posted strong growth in Q1 2024 across key metrics:
- Revenue: $1.6B (+72% vs Q4)
- Net Income: $1.2B (+331%)
- Adjusted EBITDA: $1.0B (+213%)
- Cash Reserves: $7.1B (+24%)
Consequently, investors are closely watching today’s macro data and earnings results, as either could trigger significant moves in the market.
Could the Crypto Market Be Headed for a Crash?
Investor sentiment continues to drive the crypto market, and that sentiment now shows signs of weakening. Lower expectations for Coinbase’s earnings already suggest declining confidence. Meanwhile, today’s macroeconomic events could apply further pressure.
A crucial variable is the Initial Jobless Claims figure. If claims fall below expectations, it may signal a resilient labor market, increasing the odds of further Fed tightening, potentially sparking a crypto selloff. Conversely, higher-than-expected claims could relieve policy pressure and boost risk assets.
Meanwhile, Bitcoin has recently surged and is edging closer to the $100,000 milestone. A favorable economic surprise could provide the push it needs to cross that barrier. While the FOMC meeting initially fueled a rally, market uncertainty still lingers. Today’s developments will likely determine whether Bitcoin continues to climb or faces a correction.
Frequently Asked Questions (FAQs)
1. Why is the crypto market rising today?
The crypto market is rising as fears over the Trump tariff announcement have eased. As a result, renewed investor confidence is driving a wave of buying activity across digital assets.
2. Why are the Initial Jobless Claims and Coinbase Q1 earnings report significant?
These are key economic events that directly shape investor sentiment. Changes in jobless claims and earnings, particularly from major players like Coinbase, can have a significant impact on crypto prices and market momentum.
3. Is Bitcoin on track to reach $100,000?
Bitcoin has gained over 3% in the past 24 hours and now approaches the $100K level. If macroeconomic conditions remain favorable and bullish momentum continues, BTC could soon test or exceed that threshold.
