The upcoming week is set to be filled with events that could significantly affect the cryptocurrency market. Analyst Michael van de Poppe has weighed in on the potential impact of these developments on the global economy.
Key Events on the Horizon
The cryptocurrency community is awaiting pivotal events. These are typically associated with commodities and stock indices, and could have a substantial influence on digital currency values. The schedule includes:
- Tuesday: Consumer Confidence and Job Openings statistics will be released at 4:00 PM European Time.
- Wednesday: ADP Non-Farm Employment Change and Preliminary GDP figures will follow at 2.15 PM and 2.30 PM European Time respectively.
- Thursday: Core PCE, a factor in FOMC deliberations, and Unemployment Claims will be announced at 3.30 PM European Time.
- Friday: Unemployment Rates and PMI data will be revealed at 2.30 PM and 4.00 PM European Time.
Projected Scenarios and Impacts
Michael van de Poppe has identified two scenarios that could arise from these events.
- Optimistic Outlook: Positive indicators such as reduced unemployment, increased PCE, consumer confidence, and PMI could lead to a ‘longer, higher’ stance on interest rate policies. This could be welcomed by investors.
- Cautiously Pessimistic: On the other hand, a surge in unemployment and a decline in PCE, consumer confidence, and PMI could result in a rally in risk-inclined assets, such as Bitcoin.
Crypto-World Events Stirring the Pot
Other cryptocurrency-related developments are also being watched closely. Specifically, the Grayscale vs. SEC debate over the ETF status of GBTC is expected to be resolved soon. The upcoming deadlines for the Spot ETF, led by Blackrock and other industry giants, are also being noted. Although delays are expected, a favorable outcome could have a considerable impact on the markets.