The post Crucial Week For Crypto as Economic Calendar and Fed Speeches Could Change The Path of Crypto appeared first on Coinpedia Fintech News
This week is going to be crucial, as all eyes are on the economic calendar and speeches from key figures at the Federal Reserve, as they could potentially sway the direction of crypto markets.
Crucial Events Set for the Week
Starting from Monday, New home sales data is expected to be released. Meanwhile, some analysts anticipate a slight decline from the previous month which was 759K in oct, 2023.
Moving forward, the Monthly consumer confidence data will be unveiled on tuesday, providing valuable insights into overall economic activity. Additionally, on Tuesday, 3 Federal Reserve governors—Christopher Waller, Michelle Bowman, and Michael Barr—are scheduled to address topics related to monetary policy and the economy.
However, with the release of third-quarter gross domestic product (GDP) data is anticipated, expected to remain unchanged from the previous quarter.
On Thursday, The Personal Consumption Expenditures (PCE) inflation data will be released, forecasting a slight decline from the preceding month, indicative of ongoing economic recovery.
Wrapping up the week, on Friday, we can anticipate the release of ISM manufacturing data, coupled with a significant speech by Fed Chair Jerome Powell.
Crypto Market Dynamics
Shifting our focus to the crypto market, while this week’s economic events might not trigger significant movements, the strengthening investor sentiment is drawing attention to high-risk assets, particularly cryptocurrencies.
Over the weekend, total market capitalization reached its highest level since early May 2022, nearing $1.5 trillion. As of now, Bitcoin is trading at $37,290, experiencing a 1.3% drop in the past 24 hours, as per the Coinpedia news report.
Meanwhile, investors and traders in the crypto space are particularly attentive to events that might influence broader economic sentiments.