Economic Calendar This Week
This week, there are several key economic events in the United States that could impact the market. Last week, the Federal Reserve’s dovish stance caused a rally in both stocks and cryptocurrencies. However, the crypto market is starting to cool off, with Bitcoin struggling to break resistance.
On Monday and Tuesday, housing and building data will be released, but these reports are unlikely to have any impact on crypto markets.
On December 21, the GDP Growth Annualized report for Q3 will provide a final reading of the US economy’s health in the previous quarter. It is expected to show no change from Q2’s 5.2% annualized rate of economic expansion.
Thursday will see the release of initial jobless claims, the Philadelphia Fed manufacturing survey, and leading US economic indicators.
Friday will bring November’s Core Personal Consumption Expenditures (PCE) report, which reflects consumer spending patterns and is used as a gauge of inflation by central bank policymakers. The report is expected to show a decline in inflation to 3.2%. Additionally, the University of Michigan Consumer Sentiment Index will be published on Friday, providing insights into consumer confidence levels and long-term inflation views.
Crypto Markets Retreat
While these economic events may impact traditional markets, crypto markets are unlikely to be directly affected. However, during Monday morning’s Asian trading session, the total cryptocurrency market capitalization dropped 2.5% to $1.61 trillion. Since reaching their peak earlier this month, crypto markets have lost around $100 billion or 6%.
Bitcoin has experienced a 2.3% drop since a big options expiry and currently sits at $40,963. Altcoins such as Solana, Cardano, Avalanche, Polkadot, and Shiba Inu have been hit even harder, losing more than 5% each.
Hot Take: Crypto Market Sees Red as Economic Events Unfold
The US economic events this week have the potential to impact traditional markets, but crypto markets remain relatively unaffected. While Bitcoin and altcoins have experienced a retreat in value, it is important to monitor how these economic reports may influence market sentiment and investor behavior in the coming days. As always, it is crucial to stay informed and make well-informed decisions when navigating the ever-changing cryptocurrency landscape.
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