US Economic Events Impacting Bitcoin and Crypto Sentiment
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This week, three US economic events will be on crypto traders’ and investors’ watchlists. The interest comes amid the continued influence of US macroeconomic data on Bitcoin (BTC) and crypto prices in 2024, after drying up last year. Meanwhile, Bitcoin remains just shy of the $100,000 psychological level, hovering above $98,000 after retracting to the $95,000 range over the weekend. Minutes of Fed’s November FOMC Meeting All eyes will be on the Federal Reserve (Fed) on Tuesday, November 26, for the minutes of the November 6 FOMC (Federal Open Market Committee) meeting. Traders and investors will be watching to see if the FOMC minutes shed some more light on how the policymakers assessed the economy leading up to the November meeting. The minutes may also show at least some discussion about possible economic implications following the US election outcome. They will come after policymakers voted to cut interest rates by 25 basis points (bps), following an initial 50 bps reduction in September. Investors will be looking for any clues on whether the pace of rate cuts could drop from here. Meanwhile, data continues to suggest the US economy is holding up well. Still, fears abound that President-elect Donald Trump’s proposed policies may be inflationary, potentially reducing the need for lower rates. “Experts say Donald Trump’s election victory could shift interest rate policy in the US as his promised policies risk higher inflation…Tradition tells us that that increase in tariffs will increase inflation in the US,” The Canadian Press reported, citing Sheila Block, an economist with the Canadian Centre for Policy Alternatives. One way the FOMC minutes could affect Bitcoin and crypto is through their impact on the overall market sentiment. Any dovish or hawkish tones in the minutes can influence market expectations and lead to changes in investor behavior. Initial Jobless Claims Another key…
Filed under: News - @ November 25, 2024 8:24 am