Cryptocurrency news

These Important Events Can Impact Bitcoin’s Price This Week

CryptoPotato / 07.10.2024 / 07:06
These Important Events Can Impact Bitcoin’s Price This Week

Crypto markets gained over the weekend and are holding on to momentum in early Monday trading in Asia.

This week’s raft of economic and inflation reports could give them a further boost, especially if the probability of another large rate cut increases.

“A November 50 basis point rate cut was almost entirely priced out last week, but that could change,” commented the Kobeissi Letter.

Last week’s jobs and employment figures underscored the job market’s continued resilience and increased the odds that the economy will continue to grow above trend this quarter.

Economic Events Oct. 7 to 11

The Federal Reserve will release the minutes from its September meeting on Wednesday, providing another look at how monetary officials are viewing the current economy.

The core Consumer Price Index (CPI) report, one of two major indicators used to measure inflation, will be released on Thursday.

Central bank policymakers, businesses, and consumers closely watch the CPI report, as it reflects the price trends, impacts consumer spending, and directly influences Fed policy rate decisions.

Easing price pressures prompted the Fed to reduce rates in September, which influences borrowing costs across the economy.

September’s Producer Price Index (PPI) will be released on Friday. This report reflects prices for producers and manufacturers, which directly affects retail prices. It is considered a leading indicator for inflationary pressures and the following month’s CPI.

Friday will also see September’s Michigan Consumer Sentiment Index and Consumer Inflation Expectations preliminary readings. This data revealed the results of monthly surveys of consumer confidence and long-term inflation expectations.

Key Events This Week:

1. EIA Short-Term Energy Outlook – Tuesday

2. Fed Meeting Minutes – Wednesday

3. September CPI Inflation data – Thursday

4. Initial Jobless Claims data – Thursday

5. September PPI Inflation data – Friday

6. Total of 18 Fed speaker events this week…

— The Kobeissi Letter (@KobeissiLetter) October 6, 2024

Earnings reports from JPMorgan Chase, Wells Fargo, and BlackRock will also be on the table this week.

Crypto Market Outlook

Crypto markets gained marginally over the weekend with total capitalization climbing more than $100 billion to $2.32 trillion by Monday morning in Asia.

Bitcoin climbed to its highest level for a week, hitting $63,900 on Monday morning before pulling back slightly. The asset is currently up 2.8% on the day, wiping out most of last week’s losses.

Ethereum has performed even better, with a 3.7% daily gain, reaching $2,500 during Aian trading on Monday morning. However, ETH remains down 4% since the same time last week.

At the time of writing, the altcoins were a sea of green, with larger gains for Avalanche (AVAX), Shiba Inu (SHIB), Near Protocol (NEAR), Sui (SUI), and Bittensor (TAO).

However, escalating conflict in the Middle East and Israeli retaliation could dampen the crypto market’s recovery.

$BTC Sunday update:

It’s NOT going to be an easy week to trade.

We have FOMC Minutes, CPI, PPI, Israel-Iran escalation.. so the best days could likely be Monday and Tuesday.

It’s important to plan the week ahead, let me share mine with you:

pic.twitter.com/bEm2HE3xUD

— CrypNuevo (@CrypNuevo) October 6, 2024

Source
Recently News

© Token Radar 2024. All Rights Reserved.
IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.