In the past week, where unexpected developments took place, the cryptocurrency market displayed a strong stance. This enabled the price of Bitcoin to continue its upward trend. The most critical development was that Binance’s former CEO, Changpeng Zhao, was prosecuted in the USA in a shocking decision. As the crypto community goes through these turbulent times, attention is turning to upcoming macroeconomic indicators that could affect cryptocurrency users in the new week. Here are the details…
Attention for cryptocurrencies: What stands out on the economic calendar?
There will be no major macroeconomic developments on Monday and Tuesday. But on Wednesday, November 29, the focus will be on important events in the United States. At 16:30, US Gross Domestic Product (GDP) Quarter to Quarter (QoQ) data will be announced and expectations will be set at 4.9%, exceeding the previous figure of 2.1%. This economic indicator provides important information about the health of the country’s economy.
Later in the day, at 21:45, attention will turn to FED member Mester’s speech. Following this, at 22:00, the Fed’s Beige Book document will be released, providing a comprehensive overview of economic conditions and trends in various sectors. It is not clear whether cryptocurrencies will be included among these statements. However, cryptocurrencies are also likely to be affected by general economic developments. Therefore, these statements will be followed by Bitcoin and altcoin investors.
Critical data is also revealed in Europe
Annual data of the Eurozone Consumer Price Index (CPI), which will be announced on Thursday at 13:00, brings a global perspective. Expectations are at 2.8%, slightly lower than the previous figure of 2.9%. This data will shed light on inflationary pressures in the Eurozone. In the United States, investors will watch the release of the US Core Personal Consumption Expenditures (PCE) Price Index Monthly and Annual figures at 16:30. Additionally, US Initial Unemployment Claims data is planned to be released and expectations are at 218 thousand, a slight increase compared to the previous 209 thousand.
Finally, the week ends with a highly anticipated event with the speech of FED President Jerome Powell on Friday, December 1 at 19:00. Powell’s views on the economic landscape and potential policy directions could significantly impact market sentiment, including the cryptocurrency market. The cryptocurrency market is struggling with challenges from regulatory actions and legal proceedings. Meanwhile, Bitcoin’s resilience remains evident. Investors and enthusiasts will closely monitor the economic indicators discussed to gauge the potential impact on the broader financial environment and therefore the cryptocurrency market.
