The post Key Events to Watch Out for This Week That Could Impact the Crypto Market appeared first on Coinpedia Fintech News
Crypto markets have been relatively stable after last week’s gains, largely due to the Federal Reserve’s decision to cut interest rates by 0.5%. As we head into the new week, a series of key economic events could influence the crypto market, making it an important time for investors to pay attention.
Sept 23: Manufacturing and Services PMI
On September 23, the Purchasing Managers’ Index (PMI) data for manufacturing and services will be released. PMI measures the health of these sectors, and a reading above 50 indicates growth in these sectors. Meanwhile, if the report shows strong expansion, it could have a positive effect on Bitcoin and other risk assets, suggesting economic growth.
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
On September 27, the Core PCE (Personal Consumption Expenditures) inflation report will be a major focus. This index is a key measure of consumer spending and inflation, with analysts expecting a 0.2% rise for the month and a 2.7% increase compared to last year.
If the actual PCE inflation is lower than expected, it could increase the chances of more interest rate cuts, which would be good news for Bitcoin
Impact On the Crypto Market
The crypto market has remained stable over the past day, with Bitcoin trading near $65,000 and total market capitalization at $2.31 trillion. However, the outcome of this week’s economic events could trigger volatility across the market.