This week, important economic data from the U.S. is expected to significantly influence the cryptocurrency market, including Bitcoin and Ethereum. Investors are keeping an eye on key reports, Federal Reserve speeches, and treasury auctions.
Services PMI: Will the Economy Continue to Grow?
The Services PMI for July is due today. In June, it was set at 55.9, the highest in recent months. If July’s figure is above 55, it could provide the Federal Reserve with more reasons to delay rate cuts. Conversely, weaker data could give Bitcoin and Ethereum a boost.
10-Year Treasury Auction: Possible Shock Ahead?
On Wednesday, the 10-Year Treasury Auction will take place. Recently, yields hovered around 4.362%. A sudden increase in yields could indicate concerns regarding U.S. debt levels and increased government borrowing, posing risks to assets.
Earnings Season: How Are Major Companies Performing?
Nearly 20% of S&P 500 companies will report their earnings this week, including major tech players. Strong corporate results may support equity markets, and subsequently digital assets. Weak reports could lead to a broader risk-off environment.
This week’s U.S. economic data could significantly impact the cryptocurrency market. Investors are seeking insights on how reports and Federal Reserve speeches will affect digital assets, anticipating heightened volatility during trading.
