5 U.S. Economic Events That Could Impact Crypto Markets This Week
in short Bitcoin price remains above $63,000 as several key U.S. economic events this week could spark cryptocurrency volatility.
Upcoming U.S. PMI, GDP, and consumer confidence reports could impact Bitcoin’s performance and investor strategies. Fed Chairman Powell’s speech and core PCE inflation data will be critical to market liquidity and potential cryptocurrency price movements. As the last week of September approaches, financial markets are focused on multiple economic events in the U.S. However, some of these events will directly or indirectly affect the portfolios and investment strategies of cryptocurrency investors.
Is Bitcoin poised for a 171% surge in Q4? Key factors to watch
Considering Bitcoin’s performance during the halving period, BTC prices rose strongly in the fourth quarter, with gains of 60-170%.
Bitcoin prices have risen more than 8.5% in the past week, making a strong comeback to $64,000. Clearly, crypto bulls are gearing up, with expectations that BTC prices will surge 171% in the fourth quarter. Will Bitcoin Reach $172,800 in Q4? Following the Federal Reserve’s 50 basis point rate cut this month, all eyes are on how BTC performs in the fourth quarter of 2024. BTC has been trading in a tight re-accumulation range between $50,000 and $70,000 following the halving event. However, the Fed’s latest liquidity stimulus could lead to a sharp rebound in the fourth quarter.
Shiba Inu burn rate surges 700%, setting the stage for a possible 30% price increase
The Shiba Inu's recent behavior has received widespread attention due to its significant increase in burn rate. Weekly statistics and statements from key developers have provided a positive boost to the coin’s market prospects. The massive prediction of a 30% price increase has fueled optimism among long-term investors. With 15 million SHIBs destroyed, Shiba Inu’s destruction rate has increased by 700%, lending support to an ambitious price prediction for the popular meme token. Shiba Inu burn rate soars 700% Shockingly, according to community burn tracker Shibburn, Shiba Inu’s burn rate has recently surged by a staggering 700%. During this period, 15.08 million SHIB tokens have been destroyed, severely impacting the circulating supply of the token. The massive increase in the burn rate has reignited bullish sentiment across the investor community.
Important events this week: 1. S&P Global Services PMI data - Monday 2. Central Bank Consumer Confidence Data - Tuesday 3. August New Home Sales Data - Wednesday 4. August Durable Goods Orders Data - Thursday 5. Final GDP for the second quarter of 2024 - Thursday 6. August PCE Inflation Data - Friday Another important week full of economic data is coming up.
Gold hits a new high of 2630, Bitcoin soars above 64,400! Two major technical indicators trigger a "bull market" signal...
On Monday (September 23) in the Asian market, gold hit a record high of $2,630 in a short period of time, and Bitcoin soared above $64,400, with the RSI indicator triggering a bull market signal. The inverted head and shoulders pattern analysis shows that the ratio of Bitcoin to gold is expected to rise by more than 400% in 2025. As the economic slowdown intensifies, the People's Bank of China lowered its short-term policy interest rate on Monday, which is part of the interest rate cut measures that began in July. The Bank of Japan kept its interest rate unchanged, and the Federal Reserve decided to cut interest rates by 50 basis points. The dovish signal stimulated funds to flow into precious metals and cryptocurrency buying.
The People's Bank of China (PBOC) on Monday cut the 14-day reverse repurchase rate to 1.85% from 1.95% previously, and said in a statement that it also injected 74.5 billion yuan, or about $10.6 billion, of liquidity into the banking system through the facility. The move came ahead of the seven-day National Day holiday starting on Oct. 1.
Bitcoin surges by more than $2,500 a day! Harris suddenly expresses support for cryptocurrency, and the chances of winning the US election change suddenly
On Monday (September 23), Bitcoin surged by more than $2,500, reaching a high of $64,741. U.S. Vice President and Democratic presidential candidate Kamala Harris expressed support for cryptocurrency innovation for the first time, stimulating her chances of winning the U.S. November election to rise to 52%, and began to distance herself from former U.S. President and Republican presidential candidate Donald Trump.
Harris made her first comment on cryptocurrency at a Wall Street fundraiser. She said: "To build an opportunity economy, I will bring together workers, small businesses, founders, innovators and large companies. We will work together to invest in America's competitiveness, invest in America's competitiveness, and invest in America's future. We will encourage innovative technologies such as artificial intelligence (AI) and digital assets, while protecting consumers and investors. We will create a safe business environment with consistent and transparent rules."
Assisted by the positive impact of interest rate cuts, the price of Bitcoin (BTC) once exceeded $64,000
In the short term, we believe that the entire market will still follow the overall economic data. As long as there are no exaggerated signs of recession or a resurgence of inflation, there is no need to worry too much about the price trend of Bitcoin and other cryptocurrencies considering the re-entry into the interest rate cut cycle. Until the middle of next year, the Fed may cut interest rates by another two basis points, and finally push the interest rate back to around 4.50%. Bitcoin will be expected to challenge the $70,000 mark again.
Last week, many analysts released pessimistic reports about the future trend of Bitcoin, believing that the interest rate cut in the US economy was actually the beginning of a decline because the US economy would face a recession. However, after the Fed cut interest rates by two points this week, Bitcoin began to rise, rising slowly from US$59,000 to US$62,000. After the number of people applying for unemployment benefits was announced, it rose to US$64,000, and then returned to the US$63,000 range for consolidation.
$2,000 or $3,000: Where is Ethereum heading in late September?
Ethereum price could face a pullback as crypto giant deposits 15,000 ETH into Kraken. With key $2,000 and $3,000 levels approaching, will ETH break out or revert to support?
Highlights Earlier today, an Ethereum whale deposited 15,000 ETH into Kraken, sparking concerns that prices could fall. Ethereum price is 9% away from challenging the combined resistance of $2,800 and the 100-day EMA. The supply of Ethereum on exchanges has increased to 21.43 million ETH, suggesting that selling pressure could be building as traders move assets to liquid markets.