📈 Three things that could affect the cryptocurrency market this week!
The massive employment data released by the United States last week also failed to prevent the decline of the stock market and the cryptocurrency market, which was in line with the previous expectations of poor market performance for the month.
🌐So, back to the three major events this week that may affect the cryptocurrency investment market, let's take a look!
1️⃣ Inflation data released: The last batch of inflation data will be released before the Federal Reserve decides on interest rates. This is a major event that the market is closely watching because it is directly related to everyone's wallet.
2️⃣ Consumer Price Index (CPI): On Wednesday, we will see the CPI report for August. This data tells us about the price trend of the economy and will also affect everyone's shopping habits.
3️⃣ Producer Price Index (PPI) & Unemployment Claims: On Thursday, there will be not only the PPI report, but also unemployment claim data. These are barometers of economic health and will also affect the Fed's decision.
🔍 And the entire cryptocurrency market is speculating whether the Federal Reserve will cut interest rates by 25 or 50 basis points at its September meeting. Meanwhile, the CPI report could play a key role in this speculation.
🤔 Therefore, if the CPI data is worse than expected, it may increase the possibility of a 50 basis point rate cut at the FOMC meeting, which may be good news for the cryptocurrency market.
🌍 In short, although the entire US stock and crypto market was a bit miserable last week, investors are expecting a turnaround this week. At the same time, the prices of Bitcoin and Ethereum have experienced some fluctuations, but no obvious downward pressure has been seen yet.
💬 What do you think of the market trend this week? How will these economic data affect your investment decisions? Leave your views in the comment section!
