Weekly Economic Calendar: Bitcoin and Ethereum Highlights (Sept 23-28, 2024)

  • This week’s economic calendar includes major data releases like US PMI, Consumer Confidence, and the PCE Price Index, alongside key crypto market movements.
  • Bitcoin and Ethereum prices are showing slight upticks, reflecting market stability ahead of critical financial events.
  • MicroStrategy’s purchase of 7,420 BTC and the SEC’s approval of BlackRock’s Options for Spot Bitcoin ETF are shaking up the crypto landscape.

Get updated on the crucial economic releases this week and how they might impact Bitcoin and Ethereum prices.

Key Economic Events to Watch – September 23-28, 2024

Here is the detailed breakdown of this week’s important economic events (all times in UTC):

September 23, Monday:
⏰ 1:45 PM: US S&P Global Manufacturing and Services PMI data release. This index is crucial in providing early signals about economic growth and inflation trends. Analysts will closely monitor how the service and manufacturing sectors are performing amid current macroeconomic conditions.

September 24, Tuesday:
⏰ 2:00 PM: US CB Consumer Confidence Index. The index is a critical measure of consumer sentiment, reflecting how inflation, employment, and interest rate concerns are affecting consumer spending behavior.

September 25, Wednesday:
⏰ 2:00 PM: US New Home Sales Data.
⏰ 2:30 PM: EIA Crude Oil Inventories. With oil prices remaining a key driver of inflationary pressure, this release will provide insight into supply-demand dynamics in energy markets and potential ripple effects on inflation.

September 26, Thursday:
⏰ 12:30 PM: US Weekly Jobless Claims. Labor market health remains a key concern as the Fed navigates inflation control without hurting employment.
⏰ 1:20 PM: Powell’s speech. Fed Chair Jerome Powell is expected to provide vital updates on the state of the economy, inflation expectations, and monetary policy adjustments. Markets, including Bitcoin, may experience significant volatility based on his remarks.

September 27, Friday:
⏰ 12:30 PM: US Core PCE Price Index. This is a key inflation indicator and will heavily influence the Fed’s decision on future interest rate hikes. A lower-than-expected reading could trigger bullish moves in Bitcoin and Ethereum, which are sensitive to inflation and liquidity conditions.

Crypto Market Developments: Bitcoin and Ethereum Updates

As of September 21, 2024, Bitcoin is trading at $63,262.28, marking a 0.71% increase over the past 24 hours. Ethereum is trading at $2,570.33, up by 1.12% in the same period. Bitcoin’s market cap stands at $1.24 trillion, while Ethereum’s market cap is approximately $309.33 billion, highlighting their dominance in the crypto space.

According to the COINOTAG, Texas Judge dismissed the lawsuit ConsenSys filed against the SEC, ending the Ethereum investigation. MicroStrategy’s purchase of 7,420 Bitcoin for $458.2 million, finalized between September 13-19, underscores institutional confidence in the asset. Additionally, the SEC’s approval of BlackRock’s Options for Spot Bitcoin ETF is a landmark event that could pave the way for greater institutional adoption, potentially boosting Bitcoin’s price in the coming weeks.

Conclusion

The economic calendar for this week will be closely watched by both traditional and crypto market participants. Key data releases, especially the PCE Price Index and Powell’s speech, will influence market sentiment. With Bitcoin and Ethereum prices showing positive momentum, the outcome of these events could lead to further price action in the crypto markets.

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Source: https://en.coinotag.com/weekly-economic-calendar-bitcoin-and-ethereum-highlights-sept-23-28-2024/