Big Events Impacting the Crypto Space
As expected, the weekend trade failed to generate curiosity among market participants, resulting in unchanged prices for most tokens. Traders are waiting for the right opportunity to jump in, causing Bitcoin and altcoin prices to remain stagnant. The upcoming week is anticipated to be positive for both the crypto space and the macroeconomic landscape. Furthermore, notable events are expected to impact the USD, with potential implications for the crypto market.
Key Events Affecting the USD and Crypto Space
– Consumer Confidence and Job Openings on Tuesday
– ADP Non-Farm Employment Change and Prelim GDP on Wednesday
– Core PCE and Unemployment Claims on Thursday
– Unemployment Rate and PMI on Friday
These events will likely influence the USD and may lead to liquidity flow into gold, indices, and possibly Bitcoin. Positive outcomes such as lower unemployment rates, higher PCE, increased confidence, and higher PMI may result in a higher DXY and an expectation for a longer interest rate policy.
Implications for the Crypto Market
The current market sentiment favors further interest rate hikes. However, any positive surprises on the downside could impact the markets. If unemployment rates rise, PCE decreases, confidence drops, and PMI plunges, risks on assets, DXY, and yields may lead to a significant sell-off. This could also affect the price of gold and subsequently impact BTC.
Developments in the Crypto Space
The looming question is whether GBTC can become an ETF, and this may be clarified in the coming week as the deadlines approach. Additionally, the first deadlines for spot ETFs from Blackrock and other propositions are expected on September 1, 2023. The analyst predicts a delay in ETF approval with no specific news on Grayscale. However, positive news and a Grayscale victory may trigger a bullish wave.
Hot Take
The upcoming events in the week ahead hold significant potential for impacting the crypto market, particularly Bitcoin and altcoins. Traders should closely monitor the USD, gold, and key economic indicators for potential opportunities and risks. The outcome of the GBTC-ETF debate may also have a notable effect on market sentiment. Stay informed and be prepared for potential market fluctuations.
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