As the end of August approaches, the cryptocurrency market faces uncertainty. Investors wonder if these quiet days are behind and what the near future holds.
Key Events Impacting Cryptocurrency Prices
The upcoming week is crucial for Bitcoin and altcoins, with several significant events on the horizon. Understanding these events allows investors to make more informed decisions. Key factors include Personal Consumption Expenditures (PCE) data and NVIDIA’s earnings report. On Wednesday, August 28, the market will react to the Fed/Waller speech at 08:15 and NVIDIA’s earnings report at 23:20. Starknet V0.13.2 Mainnet is also set to launch. Thursday, August 29, features the Fed/Bostic at 01:00, along with US GDP and unemployment claims data at 15:30. Finally, on Friday, August 30, US PCE data will be released at 15:30.
What Do Experts Predict?
The PCE data, crucial for the Fed’s inflation monitoring, holds significant importance. Higher-than-expected figures could complicate the Fed’s position, already strained by weakening employment figures. Conversely, data aligning with expectations would bolster the likelihood of a minimum 100 basis point rate cut targeted for 2024. The Fed acknowledges the risks of over-tightening, with employment figures already showing strains. This acknowledgment indicates a forthcoming period of monetary easing, although unexpected inflation surges could halt rate cuts.
Actionable Insights for Investors
Given the upcoming events, here are some concrete steps investors can consider: Monitor the Fed/Waller speech for insights into future monetary policy; Analyze NVIDIA’s earnings report for potential impacts on cryptocurrency mining stocks; Keep an eye on US GDP and unemployment claims to gauge overall economic health; Follow the PCE data closely as it will influence the Fed’s rate cut decisions. In the absence of major cryptocurrency-specific announcements, the monthly closing of BTC prices remains crucial. BTC is attempting to stay above $63,500, and a monthly close above $68,000 could boost risk appetite among altcoin investors. The only significant risk factor is the excess supply from US assets, with an upcoming approval hearing for FTX returns.
The upcoming week promises to be critical for the cryptocurrency market. Investors should stay alert and be ready for potential market shifts.
Comments