Bitcoin
Bitcoin Conference, Ether ETF and PCE Inflation in Focus
Cryptocurrency Market This Week: The digital asset space is gearing up to enter a crucial week, with a flurry of macroeconomic factors set to shape market sentiment. Additionally, several other market trends such as the anticipated approval of Spot Ethereum ETF by the US SEC, and other factors are also expected to impact the market.
Here, we take a closer look at the key events likely to shape market performance this week.
How will the cryptocurrency market perform 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 Likely to Shape Cryptocurrency Performance
A wave of market enthusiasts are predicting a bullish crypto market this week, driven by the anticipation of several positive announcements. One important factor is the US GDP in the second quarter, which is expected to grow by 1.9%, up from 1.4% in the previous period. This growth could impact the global market cryptocurrency space, given the economic position of digital assets.
Upcoming GDP data will help the central bank decide on potential interest rate changes. According to the CME FedWatch Tool
A rate cut is expected in September. However, GDP data will likely influence the Federal Reserve’s decision.
Another important economic indicator, the U.S. PCE inflation data, will be released this week. Investors will be closely monitoring these numbers to gauge 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 crypto market.
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Bitcoin Conference and Ethereum ETF Approval
O Bitcoin Conference This week is expected to have a significant impact on the crypto landscape. Donald Trump is expected to speak at the event, fueling speculation that he may announce Bitcoin as a reserve asset for the US. Experts believe that the conference could act as a catalyst, potentially driving up the price of Bitcoin as well as the overall crypto landscape.
Another crucial event is the potential approval of the Ethereum ETF by the US SEC. Many experts anticipate that the Ethereum ETF could begin trading on July 23, which should fuel a rally in the crypto space. Such approval would mark a significant milestone, reflecting the growing institutional interest and confidence in Ethereum.
The market outlook remains bullish, with multiple factors aligning to potentially drive prices higher. However, the cryptocurrency market is not exempt from its volatile nature. That said, investors should exercise due diligence before placing any bets in the market.
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