Pay Attention to the US Data This Week for Cryptocurrencies!

Kripto Paralar İçin Bu Hafta ABD’den Gelecek Verilere Dikkat!
Kripto Paralar İçin Bu Hafta ABD’den Gelecek Verilere Dikkat!

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Investors in cryptocurrencies market are on edge as they await the Federal Open Market Committee’s (FOMC) interest rate decision, amid growing concerns about possible delays in the Fed’s interest rate cut plans. In particular, recent economic indicators, including US GDP and Personal Consumption Expenditure (PCE) inflation data, have raised concerns by signaling the Fed’s possible hawkish stance.

Cryptocurrencies focused on FOMC decision and other economic events

As the crypto market braces for volatility, attention is squarely focused on the FOMC interest rate decision scheduled for May 1. Investors are eager to glean information from Fed Chairman Jerome Powell’s next news conference, which is expected to shed light on the central bank’s future. policy trajectory. According to CME FedWatchTool, the probability of the Fed not changing the interest rate is 97.6%, while market experts predict further delays in interest rate cuts.

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Meanwhile, several other major economic events scheduled throughout the week, including the release of consumer confidence data and US trade deficit figures, will offer crypto market traders vital clues about the US economic situation. For context, May 2 marks the release of US Trade Deficit and Productivity data, which offer insights into the health of the country’s economy. Then on May 3, the US employment report for April will be released, which is vital for understanding labor market dynamics amid the central bank’s rate adjustments.

Crypto market favors volatility

The latest data from the Bureau of Economic Analysis revealed that GDP growth in the first quarter fell short of 1.6% against market expectations of 2.5%. This disappointing performance raised concerns about inflationary pressures. In addition, the unexpected rise of the Core PCE Price Index from 2.0% to 3.7% in the first quarter and the increase in PCE inflation from 1.8% to 3.4% further dampened crypto market sentiment.

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Simultaneously, March Core PCE inflation, excluding food and energy prices, exceeded market forecasts by increasing 0.3% month-on-month and 2.8% year-on-year. Such inflation spikes have raised concerns about a potential delay in the Federal Reserve’s policy rate cut plans and contributed to instability in the crypto market. Meanwhile, the crypto market has been through a period of choppy trading lately due to gloomy economic data and significant Bitcoin ETF outflows. It is noteworthy that the Bitcoin ETF recorded an outflow for three consecutive days last week until April 26.

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Pay Attention to the US Data This Week for Cryptocurrencies!