US CPI Inflation & Fed Chair Testimony To Shape Bitcoin & Altcoins Trading This Week
The post US CPI Inflation & Fed Chair Testimony To Shape Bitcoin & Altcoins Trading This Week appeared on BitcoinEthereumNews.com.
The crypto market eagerly awaits the crucial economic indicators and key events that are likely to shape Bitcoin and altcoins trading this week. Notably, the recent weeks have been highly volatile, with Bitcoin price noting a free fall last week. Given the recent governments’ Bitcoin dump and Mt. Gox’s repayment concerns, optimism over both BTC and altcoins seems to have faded. So, let’s explore the key events that are likely to impact the Bitcoin and altcoins trading next week. Bitcoin And Altcoins Braces For Key Events This Week US Inflation Data To Drive Sentiment The release of crucial U.S. inflation data this week could significantly impact Bitcoin and altcoins trading. On Thursday, July 11, the U.S. Labor Department is expected to release the Consumer Price Index (CPI) and core CPI data. The crypto market would keep a close track of the data as it would likely help set the future stance of the Federal Reserve with their rate-hike plans. Simultaneously, the U.S. Producer Price Index (PPI) data is expected to be released on Friday, July 12, which would also shed light on the current inflationary pressures in the U.S. Notably, both these CPI and PPI figures are pivotal for the Federal Reserve’s policy rate decisions. Recently, Fed Chair Jerome Powell indicated that more confidence is needed in inflation trends before easing monetary policy. Considering that Bitcoin and altcoins may face heightened volatility based on these upcoming economic indicators. Also Read: Why Meme Coins Are Pumping Today? Fed Chair Jerome Powell’s Testimony Investors are gearing up for Fed Chair Jerome Powell’s upcoming testimony, a key event expected to influence Bitcoin and altcoin trading this week. Powell’s insights on monetary policy and economic conditions will be closely monitored, as they are likely to impact market sentiment and trading strategies. This testimony comes…
Filed under: News - @ July 7, 2024 6:12 pm