Following the New Year’s Day holiday, the United States is gearing up for a new week of economic activity. One key event to watch out for is the release of the Federal Reserve’s December meeting minutes, which could have an impact on Bitcoin’s price. The Kobeissi Letter has compiled a list of important economic events for the week.
This week, investors will be focusing on two main areas: US labor market trends and the Fed’s policy meeting minutes. On Wednesday, the ISM Manufacturing PMI report for December will be released, providing insights into business conditions in the US manufacturing sector.
The minutes of the Federal Open Market Committee (FOMC) meeting in December will be released on January 3, offering valuable information on Fed decision-making and future policies. Investors will be looking for confirmation of the central bank’s pivot to easing monetary policy and any hints about expected interest-rate cuts.
On January 5, the ISM Services PMI report for December will be released. This report reflects business conditions in the US services sector, a major contributor to GDP. Additionally, payrolls and unemployment reports from the US Bureau of Labor Statistics will be released on Friday, providing crucial indicators of job creation and employment rates.
In terms of BTC market outlook, there is still enthusiasm surrounding Bitcoin ETFs, contributing to a total market capitalization of $1.82 trillion, its highest level in 20 months. Bitcoin itself has experienced a 7.5% surge in price to reach $45,500, its highest level since March 2022. Ethereum and several altcoins like Solana, Cardano, Avalanche, and Polkadot are also seeing significant gains.
Hot Take: Bitcoin Starts 2024 with Strong Momentum
Bitcoin kicks off 2024 with a strong start as it reaches its highest trading level since March 2022. The release of the Federal Reserve’s December meeting minutes this week could further impact Bitcoin’s price. Additionally, investors will be closely monitoring US labor market trends and key economic indicators to gauge the overall health of the economy. The market is also witnessing enthusiasm surrounding Bitcoin ETFs, contributing to a surge in total market capitalization. With positive momentum in the crypto market, it will be interesting to see how Bitcoin and other altcoins perform in the coming weeks.
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