This Week’s 3 Major US Events to Watch for Crypto Market
The post This Week’s 3 Major US Events to Watch for Crypto Market appeared on BitcoinEthereumNews.com.
Crypto markets are eyeing several US macroeconomic events this week that could influence Bitcoin’s price. In 2024, macro developments have regained their effect on crypto assets, marking a shift from 2023, when their impact had largely faded. Bitcoin (BTC) remains below $60,000, a concerning price drop given the lower highs on the daily chart. The decline comes on the back of market sentiment shifting from fear to extreme fear. US Macro Events This Week Given this, investors are paying close attention to upcoming data releases and policy announcements that may impact market sentiment, potentially sparking volatility. With several events on the US economic calendar this week, three stand out as key triggers for potential price swings in Bitcoin and other cryptocurrencies. US Macro Events This Week. Source: MarketWatch Minutes of Fed’s July FOMC Meeting The Federal Reserve (Fed) will release minutes from its July Federal Open Market Committee (FOMC) meeting on Wednesday, August 21. The release will provide insights into the Central Bank’s thinking regarding interest rates and monetary policy. Any hints of a dovish or hawkish stance could cause waves in the financial markets, including cryptocurrencies. A dovish tone suggesting potential rate cuts could boost risk on assets like Bitcoin, while a more hawkish tone might lead to a sell-off. 10x Research data revealed a strong correlation between Bitcoin price and inflation trends as the influence of macroeconomics on crypto resumes. As BeInCrypto reported, the Fed kept interest rates steady at 5.25% to 5.50%, aligning with market expectations. Read more: How to Protect Yourself From Inflation Using Cryptocurrency After last week’s US CPI (Consumer Price Index) inflation data, traders have fully priced in a 25-basis-point rate cut in September. They also anticipate a 24.5% chance of 50 basis points (bps) move, with futures pointing to over 90 bps worth of easing by the end of…
Filed under: News - @ August 19, 2024 7:16 am