Important Events That Will Affect Crypto and Bitcoin This Week as Powell Cautious About Interest Rate Reductions

Key Events for Crypto and Bitcoin Investors

This week holds significant events that will impact crypto and Bitcoin investors.

Nayib Bukele, a pro-Bitcoin candidate, has won re-election as President of El Salvador, signaling a continued commitment to Bitcoin and its programs.

The People’s Bank of China has implemented a 50 bps cut in reserve ratio requirements (RRR) for banks. This move caused an 8% drop in China’s CSI 1000 index and a trading halt for 30% of stocks on the exchange.

The US will see various macro events, including S&P Services PMI data, ISM Non-Manufacturing PMI data, a 10-Year Treasury Note auction, and Initial Jobless Claims. Additionally, 20% of S&P 500 companies will report earnings this week.

Fed officials’ speeches will be closely watched by traders for cues. Several FOMC members have already expressed skepticism about rate cuts in May or June.

Other Events

The US Securities and Exchange Commission (SEC) is set to make a decision on the Invesco Galaxy spot Ether ETF on February 6. Approval for an Ether ETF is expected in May.

Polygon (MATIC) will undergo an Etrog upgrade on Tuesday, while Horizen (ZEN) will have its mainnet upgrade on Wednesday.

The Hong Kong Securities and Futures Commission (SFC) is likely to decide on Harvest Hong Kong’s spot Bitcoin ETF application on February 9. The launch of the Spot Bitcoin ETF is anticipated after Chinese New Year on February 10.

Hot Take: Key Events to Impact Crypto and Bitcoin This Week as Powell Wary of Rate Cuts

This week, the crypto market will be influenced by various key events, including the outcomes of the US Federal Reserve’s speeches and decisions on Bitcoin-related matters. The commitment of El Salvador’s President to Bitcoin and China’s reserve ratio cut for banks have already caused significant effects on the market. Additionally, macro events in the US and upgrades for cryptocurrencies like Polygon and Horizen will contribute to market volatility. Traders and investors need to pay close attention to these developments to make informed decisions in the crypto and Bitcoin space.