The cryptocurrency market has remained relatively stable following last week’s gains, largely driven by the Federal Reserve’s decision to cut interest rates by 0.5%. However, the upcoming week is packed with critical economic events that could impact the market. Investors should stay vigilant as these events unfold, potentially influencing Bitcoin and other cryptocurrencies.
Sept 23: Manufacturing and Services PMI
On September 23, the release of the Purchasing Managers’ Index (PMI) for both manufacturing and services sectors will be crucial. The PMI is a key indicator of the health of these industries, with readings above 50 signaling expansion. A strong report could positively affect Bitcoin and other risk assets, reflecting broader economic growth and stability.
Sept 24: Consumer Confidence & Sentiment Reports
The consumer confidence report will come out on Sep 24, followed by the consumer sentiment report on Friday. Both surveys measure how positive or negative people feel about the economy.
If these reports show that people are more confident, it could mean they are more willing to spend. This boost in optimism might also help speculative assets like Bitcoin.
- Also Read :
- Here’s How You Can Prepare for the Altcoin Bull Run
- ,
Sept 26: Q2 GDP & Jobless Claims
On September 26, all eyes will be on the release of the updated Q2 GDP report, a crucial economic indicator for the week. The previous report in July showed a 2.8% growth, which was a significant improvement over the 1.4% rise in the earlier quarter.
Meanwhile, a positive GDP figure could strengthen confidence in the U.S. economy, potentially benefiting Bitcoin as investors look for alternative assets.
Additionally, the weekly jobless claims data will be released on Thursday. Last week’s claims were 219,000, lower than expected, but this week’s forecast predicts a rise to 224K
Sept 26: Jerome Powell’s Speech
Federal Reserve Chair Jerome Powell is set to give a speech on September 26. After the recent inflation data and the 0.5% interest rate cut by the Federal Open Market Committee, markets are eager to hear what Powell has to say.
His comments could play a key role in shaping market sentiment potentially impacting the crypto market as well. Besides Powell, other Fed officials will also speak throughout the week.
Sept 27: Core PCE Inflation Report
The Core Personal Consumption Expenditures (PCE) inflation report, due on September 27, is another important event. As a key indicator of consumer spending and inflation, analysts are expecting a 0.2% increase for the month and a 2.7% rise year-over-year.
If inflation comes in lower than expected, it could heighten the chances of further interest rate cuts, which would likely benefit Bitcoin and other cryptocurrencies.
Crypto Market Impact
The crypto market has maintained stability, with Bitcoin hovering near $65,000 and the total market capitalization at $2.31 trillion. However, with several significant economic reports on the horizon, this calm could be disrupted, triggering volatility across the crypto space.
Investors should remain alert as this week’s developments could shape the market’s next moves.
Will this week’s economic data be the catalyst for a new crypto bull run, or will it send prices plummeting?
Source: https://coinpedia.org/news/key-events-to-watch-out-for-this-week-that-could-impact-the-crypto-market/