Cryptocurrency is again attracting investors' attention due to market fluctuations and important events expected this week.
Important Events of the Week
This week, cryptocurrency investors anticipate dynamic developments. Following the recent ByBit hack, efforts are underway to freeze the attacker's assets. Although some assets have been recovered, the majority remain with Lazarus. This is one of several events capable of affecting the market.
Cryptocurrency Market Expectations
The key event will be the release of PCE data on Friday. This data serves as a vital inflation indicator for the Fed. A decline compared to the previous month would support the markets. The expectation is for a decrease of 0.1. Meanwhile, the market is pricing in a potential single rate cut from the Fed this year, although positive data could change this scenario.
Consequences and Prospects
Over the last four days, the Bitcoin ETF sector has continued to see outflows, typically followed by renewed inflows that support the market. The ByBit hack raises the necessity for the exchange to accumulate Ether, which could positively affect altcoins above $2,800. Recovering the reserve could open up new opportunities.
The crypto market remains influenced by numerous factors, each capable of significantly altering its trajectory in the coming days and weeks.
