There is a some events to watch this week as they could be crucial in determining the future trajectory of the crypto market. These events could provide some certainty to the market or cause investors wait on the sidelines for more favorable market conditions.
Events that could affect the market this week
Some Federal Reserve officials are programmed to speak at different events this week. One of them is Governor Lisa Cook, who will give a speech on March 25th. Fed Chairman Jerome Powell will also participate in a discussion at the Monetary Policy Conference on March 29.
His speeches are significant as they can provide valuable information about the current state of the economy and what to expect in the future. Federal Reserve regarding interest rates in its fight against inflation. Macroeconomic factors like interest rates generally impact the crypto market and partially determine sentiments among crypto traders.
The crypto market is usually bullish whenever the Federal Reserve adopts a peaceful stance on whether or not to increase interest rates. Therefore, these officials who sound positive in their speeches could help increase investors’ confidence in the crypto market as they would be less concerned about things on the macro side.
Meanwhile, several economic data will be released this week, including Consumer Confidence and Sentiment data and the Personal Consumption Expenditures (PCE) index. These releases provide information about the strength of the economy and guide the Fed in making future interest rate decisions.
Crypto needs a big win this week
Industry stakeholders and investors will no doubt hope that the events scheduled for this week will provide a boost to the crypto market. Last week was one to forget as things cooled down after weeks of seeing the major cryptocurrencies, Bitcoin and altcoins run meaningful races. This downward trend is believed to have been due to some external factors.
One of them is the net outflows that the Spot Bitcoin ETFs recorded over the past week, with many investors profiting from the various funds. These Bitcoin ETFs have previously seen impressive number of entries in them, which positively affected the price of Bitcoin. As such, a trend of outflows was also expected to influence the price of Bitcoin, albeit negatively.
These Spot Bitcoin ETFs will be in the spotlight again this week, with the crypto community waiting to see if sentiment among investors ETF Investors it will change. A sustained trend of profit-taking this week could trigger another decline in the crypto market.
Total market cap chart at $2.47 trillion | Source: Crypto Total Market Cap on Tradingview.com
Featured image from CNBC, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC’s opinion on buying, selling or holding any investments and, naturally, investing carries risks. We advise that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
