Key Events That Will Shape Bitcoin and Altcoins Trading This Week
The crypto market is eagerly anticipating the crucial economic indicators and key events that are set to shape Bitcoin and altcoins trading this week. With recent volatility and concerns surrounding Bitcoin, investors are on edge as they await the upcoming events that could impact the market.
One key event to watch out for is the release of U.S. inflation data, including the Consumer Price Index (CPI) and core CPI data on Thursday, July 11. These figures will provide insight into inflation trends and could influence the Federal Reserve’s rate-hike plans. Additionally, the U.S. Producer Price Index (PPI) data set to be released on Friday, July 12, will also be closely monitored for its impact on the Fed’s policy rate decisions.
Fed Chair Jerome Powell’s upcoming testimony is another event that investors are keeping a close eye on. Powell’s remarks on monetary policy and economic conditions could drive significant shifts in Bitcoin prices and the broader cryptocurrency market. His testimony to the Senate Banking Committee on July 9 and the House Financial Services Committee on July 10 will be crucial in shaping market sentiment.
The market is currently facing selling pressures due to recent government Bitcoin dumps and Mt. Gox repayment concerns. However, positive indicators such as historical data showing a positive performance for Bitcoin and altcoins in July, as well as anticipation over the upcoming U.S. Spot Ethereum ETF approval, could help boost market sentiment.
Overall, the crypto market is bracing for a week of potential volatility and uncertainty as it awaits the outcome of key economic indicators and events that could shape the future of Bitcoin and altcoins trading. Investors are advised to stay informed and cautious in their trading strategies as the market reacts to these developments.
