Crypto equities have also seen a significant recovery, similar to the price of Bitcoin.
This week’s forthcoming macroeconomic developments will have a significant impact.
Following a disappointing August employment report that hinted at the US economy’s continued vulnerability to a recession, Bitcoin’s (BTC) value fell below $54,000 over the weekend. However, it has since recovered and is again trading around $56,000. Crypto equities have also seen a significant recovery, similar to the price of Bitcoin.
These stocks were impacted by last week’s significant loss of nearly $1.05 trillion in the US stock market. Even with this week’s upcoming report of the US CPI, Bitcoin and these crypto equities are far from certain.
Following the sell-offs over the weekend, investors were understandably worried. But financial gurus like Arthur Hayes reassured them that there was no reason to worry.
All Eyes on Upcoming Developments
This week’s forthcoming macroeconomic developments will also have a significant impact on the direction of the Bitcoin price and these stocks. Because investors still depend their trust in these risky assets on how the US economy is doing. Macroeconomic developments have had a significant impact on them.
This week, investors will be watching the US economy closely as the US Bureau of Labor Statistics (BLS) releases the inflation figures for August. On Wednesday, September 11, the US Consumer Price Index (CPI) numbers will be unveiled. And on Thursday, September 12, the Producer Price Index (PPI) numbers will follow.
The US Federal Reserve is expected to hold its FOMC meeting next week on September 17 and 18, and these inflation figures will provide clues as to what the agency will probably do at the meeting in addition to shedding light on the present status of the US economy.
Investors may feel more comfortable putting their money into Bitcoin and crypto equities if the Federal Reserve cuts interest rates, which might help boost the market.
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