Altcoin
Key Events to Impact Crypto and Bitcoin This Week as Powell Wary of Rate Cuts
[ad_1]
US Federal Reserve (Fed) Chair Jerome Powell in the 60 Minutes interview further confirmed that the central bank is more cautious about rate cuts, especially after the recent economic data. He said the US economy remains strong and the FOMC wants to see more evidence of inflation moving down to 2%, denying the theory that the Fed rate cuts to happen after reaching the 2% target. Crypto and Bitcoin traders seek cues from Fed rate cuts for pouring money back into the crypto market.
Key Events for Crypto and Bitcoin Investors
This week is going to be crucial for crypto investors as several key crypto-related and macro events are outlined for the week.
Pro-Bitcoin candidate Nayib Bukele wins re-election as President of El Salvador, indicating a further commitment to Bitcoin, especially BTC accumulation and the Bitcoin-based Freedom Visa and Citizen program.
Meanwhile, the People’s Bank of China cutting the reserve ratio requirements (RRR) for banks by 50 bps took effect today. China‘s CSI 1000 index fell 8% in a matter of hours, causing a trading halt for 30% of stocks on the exchange. This comes amid stimulus measures, short selling ban, and other market stability policies by China.
There are several macro events from the U.S. including S&P Services PMI data on Monday, ISM Non-Manufacturing PMI data on Tuesday, 10-Year Treasury Note auction on Wednesday, and Initial Jobless Claims on Thursday. In addition, 20% of S&P 500 companies report earnings this week, volatility could be on the peak as markets hit higher.
The most important event traders will watch out for cues is Fed officials’ speech. FOMC members Raphael Bostic, Loretta Mester, Adriana Kugler, Thomas Barkin, and Michelle Bowman’s speeches are scheduled for this week. Federal Reserve Bank of Chicago President Austan Goolsbee and Bowman have already pushed back against rate cut expectations in May or June.
Other Events
The U.S. Securities and Exchange Commission’s (SEC) decision on Invesco Galaxy spot Ether ETF is due on February 6. It will be watched closely as the market experts including Standard Chartered and Bloomberg ETF analyst Eric Balchunas expect Ether ETF approval in May.
Polygon (MATIC) Etrog upgrade on Tuesday and Horizen (ZEN) mainnet upgrade on Wednesday are also major events this week.
Hong Kong Securities and Futures Commission (SFC) is likely to decide on spot Bitcoin ETF application by Harvest Hong Kong on February 9. The Spot Bitcoin ETF launch is expected after Chinese New Year on February 10.
Also Read:
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
[ad_2]
Source link
✓ Share: