Markets
Bitcoin Conference, Ether ETFs and PCE Inflation Spotlight
Cryptocurrency Market This Week: The digital asset space is gearing up to enter a pivotal week, with a flurry of macroeconomic factors set to shape market sentiment. Additionally, several other market trends such as the anticipated approval of the Spot Ethereum ETF by the US SEC and other factors could also impact the market.
Below we take a closer look at the key events that are likely to impact the market this week.
How will cryptocurrency markets behave this week?
According to several experts, the cryptocurrency market is poised for a rally this week, given the recent anticipation of several positive announcements. Let’s explore the potential reasons that are likely to shape cryptocurrency performance this week.
Key Events That Could Shape Cryptocurrency Performance
A flurry of market enthusiasts are predicting a bullish crypto market this week, driven by the anticipation of several positive announcements. A major factor is the US GDP for the second quarter, which is expected to grow by 1.9%, compared to 1.4% in the previous period. This growth could impact the global market cryptocurrency space, given the economic position towards digital activities.
The next GDP data will help the central bank decide on possible changes to the key rate. According to CME FedWatch Tool
A rate cut is expected in September. However, GDP data will likely influence the Federal Reserve’s decision.
Another key economic indicator, US PCE inflation data, will be released this week. Investors will be watching these numbers closely to gauge the The Federal Reserve
rate hike plans. The recent cooling of US CPI data suggests a dovish stance, but warmer-than-expected PCE data could negatively impact the cryptocurrency market.
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Bitcoin Conference and Ethereum ETF Approval
THE Bitcoin Conference this week is expected to have a significant impact on the cryptocurrency landscape. Donald Trump is expected to speak at the event, fueling speculation that he may announce Bitcoin as the reserve asset for the United States. Experts believe the conference could act as a catalyst, potentially boosting the price of Bitcoin and the overall cryptocurrency landscape.
Another crucial event is the potential approval of the Ethereum ETFs by the U.S. SEC. Many experts predict that the Ethereum ETF could begin trading on July 23, which should fuel a rally in the cryptocurrency space. This approval would be a significant milestone, reflecting the growing institutional interest and confidence in Ethereum.
The market outlook remains optimistic, with multiple factors aligning to potentially push prices higher. However, the cryptocurrency market is not without its volatile nature. That said, investors should do their due diligence before making any bets on the market.
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