While keeping an eye on Bitcoin’s ascent and the Federal Reserve’s policy actions, crypto and mainstream investors concentrate on important US economic releases this week.
Crypto Market participants and other mainstream investors are focusing on US labor market indicators and the last policy meeting of the Federal Reserve this week.
Released on Wednesday is the ISM Manufacturing PMI data for December, which is one of the releases that many are eagerly awaiting. Investors look at this report from the Institute for Supply Management to get a sense of the US economy as a whole; it reveals how the US manufacturing sector is doing.
The minutes from the December FOMC meeting, which investors are eagerly awaiting, will be released on January 3. Important information about the Fed’s choices and goals may be found in the minutes of the FOMC meeting.
Investors are keeping a close eye on the central bank this week for any indications of a loosening of monetary policy, such as a possible interest rate cut.
The ISM Services PMI data for December is scheduled to be issued on January 5. Since it contributes to the prediction of GDP growth and inflation, this report is vital since it represents about 80% of the US GDP.
When the US Bureau of Labor Statistics releases its job and unemployment statistics on Friday, it will be another big piece of news that might affect the markets. The data shows that the US unemployment rate has gone up or down, which is a sign of how the US economy is doing.
Cryptocurrency investors are enthusiastic about the adoption of a Bitcoin ETF early this year, in anticipation of these stories. The market capitalization reached $1.82 trillion, the highest level in twenty months. Bitcoin reached an all-time high of $45,500, an increase of 7.5% from March 2022. Ether also increased by 5% to $2,389 in price. Avalanche (AVAX), Polkadot (DOT), Solana (SOL), and Cardano (ADA) are among the best-performing cryptocurrencies, with gains of more than 6% for each.
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