3 US Economic Events That Will Shake Crypto Market Sentiment This Week!
2024-11-26
Bittime - Crypto market sentiment has been rocked again by 3 major economic events in the US which are scheduled to take place this week.
What are the 3 major economic events? Read this article to find out more!
1. Crypto Market Sentiment: Minutes of the November FOMC Meeting
One of the US economic events that will shake crypto market sentiment is the publication of the minutes of the FOMC meeting today, which will reveal policies regarding economic conditions before their last meeting.
Investors hope to get clues about steps the Federal Reserve might take, including future interest rate policy.
At its November meeting, the Fed decided to cut interest rates by 25 basis points after previously reducing them by 50 basis points in September.
Although data shows the US economy remains strong, there are concerns that Donald Trump's policies, such as increasing tariffs, could trigger higher inflation. If inflation rises, the potential for interest rate cuts may be reduced.
From a crypto market perspective, the policy changes in these FOMC minutes are possible influence crypto market sentiment.
2. Crypto Market Sentiment: Initial Jobless Claims
PThe next US economic event that will shake crypto market sentiment is rThe release of initial jobless claims data on November 27 was also a major highlight.
The labor market in the US once showed weakness, but recently labor data has improved. The unemployment rate fell from 4.3% to 4.1%, and initial jobless claims last came in at 213,000, lower than expected.
However, the increase in follow-up claims suggests that although companies tend to refrain from layoffs, they are also not actively recruiting new workers.
If this recovery trend continues, this could support consumer spending and influence crypto market sentiment, as well as increasing interest in investment assets, including Bitcoin.
3. Crypto Market Sentiment: US PCE Inflation Data
The final US economic event that will shake up crypto market sentiment is release of Personal Consumption Expenditures (PCE) inflation data for October, which is also scheduled for November 27.
This data is the main indicator used by the Federal Reserve to measure inflation. Current estimates suggest a monthly increase of 0.2%, with annual inflation projected to reach 2.3%.
If PCE inflation data is higher than expectations, this could trigger concerns about higher inflation. In conditions like this, investors tend to look for alternative assets such as Bitcoin as a hedge against inflation.
Additionally, the inverse relationship between the US dollar and Bitcoin often means the cryptocurrency benefits when the dollar weakens due to potential increases in inflation.
PMajor Economic Events Crypto Market Sentiment
Iplague 3 pUS economic events that will shake crypto market sentiment. Three big events this week, namely the FOMC minutes, initial jobless claims, and PCE inflation data.
With Bitcoin approaching the psychological $100,000 level, investors' response to this economic data will be key in determining market direction.
Crypto market players are advised to remain vigilant and continue to monitor the latest developments in order to make the right investment decisions.
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Crypto Market Sentiment FAQ
What Influences Crypto Market Sentiment?
Crypto market sentiment is influenced by various factors, such as global economic policies, data macroeconomics such as inflation and unemployment, as well as regulatory developments. Additionally, news about blockchain technology, crypto adoption, and opinions from big figures can also change market sentiment.
How to Find Out the Current Crypto Market Sentiment?
Crypto market sentiment can be known through indices such as the Crypto Fear & Greed Index, trading volume, and social media analysis. Currently, market sentiment shows the number 79 or the Extreme Greed level, which means that crypto market sentiment is currently positive.
Why Does Crypto Market Sentiment Matter?
Crypto market sentiment reflects the emotions of the majority of market participants, which often significantly influences crypto prices. Understanding this sentiment can help investors make wiser decisions, whether in buying, selling or holding crypto assets.
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Reference
Trading View, 3 US Economic Events Driving Crypto Market Sentiment This Week, accessible on November 26, 2024.
Alternative Me, Crypto Fear & Greed Index, accessed November 26, 2024.
Author: IPR
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