Top 5 US Economic Events That Could Shake Crypto Market This Week?
Ever since Donald Trump’s win in the US election, the crypto market has risen to newer and newer heights, and this week is no different from the rest. It started with the Bitcoin price hitting multiple new ATHs and top altcoins witnessing new gains. Moreover, this resulted in the last four months favoring high returns for the token, with November being the most bullish. Even December is on the same trajectory with investors’ greedy sentiments, but that all could go in vain if this week’s US Economic events did not favor the market.
Top 5 US Economic Events of The Crypto Market This Week
This week (December 16 to December 21) will witness some of the biggest US Economic events, which could heavily influence Bitcoin price and the entire market. There’s the US FOMC, Powell’s Speech, PCE Data, and many others, which can influence all the major financial markets. However, if things stayed in favor, the bullishness could continue, especially around BTC, as Bitcoin hit ATH at $106.4k earlier in the day and is moving towards $120K next.
Key Events This Week:
1. S&P Global Services PMI data – Monday
2. November Retail Sales data – Tuesday
3. Fed Interest Rate Decision – Wednesday
4. Q3 2024 GDP Data – Thursday
5. November Existing Home Sales data – Thursday
6. November PCE Inflation Data – Friday
Are you…
— The Kobeissi Letter (@KobeissiLetter) December 15, 2024
1. Fed Interest Rate Decision
The US FOMC meeting is scheduled for this Wednesday, December 18, 2024. This will discuss the US’s economic conditions and further rate cuts. The Fed has already implemented a 25 bps rate cut earlier, and many reports, like the CME FedWatch Tool, foresee a 96% chance of another 25 bps Fed rate cut this week.
2. S&P Global Services PMI Data
The week will begin with S&P Global’s Services PMI report on Monday. This data will display the performance of the US services sector, which is an important aspect of the US economy. The previous month’s report states the data at 56.1, but this could drop to 55.0 this month, as the sector is struggling slightly.
3. November Retail Sales data
After the PMI, the Bitcoin price will tackle the November retail sales report. October made a slight recovery of 0.3%, but the expectation is high for November with users’ holiday spirit, bringing the data between 0.2% and 0.4%.
4. Q3 2024 GDP Data Hitting Crypto Market
The GDP Data for Q3 2024 is due this Thursday, which may showcase a negative growth, especially after considering the Q2 report, which saw a 4.9% growth. Analysts see this as the result of the consumer’s spending and increased business investments.
Moreover, they anticipate that this drop will make adjustments in trade balances. Another important report, November’s existing home sales data, will also come on Thursday. However, the reports seem bad on the charts already. October already witnessed a 1.4% drop, and a 2% drop in November would not be surprising.
5. November PCE Inflation Data
Lastly, the November PCE inflation report can impact the crypto market, based on the CPI data reports. Economists foresee the November PCE price index to rise 0.2% after October’s 0.3% increase. This gets clear with last week’s US PPI data, which was 3%, better than expected.
Will This Become a Turning Point For Crypto Market?
This week is surrounded by many key US economic events, which could impact the crypto market in both directions. Beginning with the S&P Global Services PMI data and November Retail Sales data at the starting days and FOMC meeting Q3 2024 GDP data & a few more later, the market might witness minor fluctuations, which could burden the ongoing Bitcoin price rally. This is why, the investors need to closely monitor these reports and changing trends to analyze the possibility of further trajectory and plans accordingly.
The post Top 5 US Economic Events That Could Shake Crypto Market This Week? appeared first on CoinGape.
