Altcoins
US CPI Inflation and Fed Chair Testimony to Influence Bitcoin and Altcoin Trading This Week
The cryptocurrency market is eagerly awaiting crucial economic indicators and key events that are likely to shape Bitcoin and altcoin trading this week. Notably, the past few weeks have been highly volatile, with Bitcoin price experiencing a freefall last week. Given the recent government decisions Bitcoin dump and concerns over Mt. Gox repayments, optimism about BTC and altcoins appears to have faded.
So, let’s explore the key events that are likely to impact Bitcoin and altcoin trading next week.
Bitcoin and Altcoins Prepare for Key Events This Week
US inflation data to boost sentiment
The release of crucial US inflation data this week could have a significant impact on Bitcoin and altcoins On Thursday, July 11, the U.S. Department of Labor is expected to release the Consumer Price Index (CPI)
and core CPI data. The cryptocurrency market would be closely watching this data as it would likely help shape the Federal Reserve’s future stance with its rate hike plans.
Simultaneously, the US Producer Price Index (PPI) data is scheduled to be released on Friday, July 12, which would also shed light on current inflationary pressures in the US. Notably, these CPI and PPI figures are key to the Federal Reserve’s policy rate decisions.
Recently, Fed Chairman Jerome Powell indicated that more confidence in inflation trends is needed before easing monetary policy. Considering that Bitcoin and altcoins could face increased volatility depending on these upcoming economic indicators.
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Testimony of Fed Chairman Jerome Powell
Investors are preparing for Fed Chairman Jerome Powell’s upcoming testimony, a key event that is expected to influence Bitcoin and altcoin trading this week. Powell’s thoughts on monetary policy and economic conditions will be closely watched, as they are likely to impact market sentiment and trading strategies.
The testimony comes at a crucial time, with digital assets increasingly sensitive to macroeconomic signals. Market participants anticipate that Powell’s remarks could lead to significant changes in Bitcoin prices and the broader cryptocurrency market.
To put things in context, Fed Chairman Jerome Powell is scheduled to testify before the Senate Banking Committee on July 9. He is also scheduled to testify before the House Financial Services Committee on July 10.
Where are Bitcoin and Altcoins going?
If inflation data comes in lower than expected, the cryptocurrency market could see a sharp rise, with investor confidence increasing. However, if the data suggests that inflation, which has recently subsided, is heading in a different direction, it could dampen market sentiment.
Meanwhile, Bitcoin as well as altcoins have seen significant selling pressure lately, due to the German currency and the The United States Governments Bitcoin Dump. In addition, Mt. Gox Refund Concerns over Bitcoin and BCH have also fueled uncertainty in the market.
Despite this, there are several positive indicators that could help boost market sentiment in July. For example, historical data shows that Bitcoin and other digital assets tend to post positive performance in July. While historical data is no guarantee of future performance, it has boosted market confidence.
At the same time, the anticipation of the future to come Ethereum Spot ETF in the United States An approval in mid-July would also trigger a rally in the altcoin sector. Despite this, inflation figures and other macroeconomic factors are likely to impact Bitcoin and altcoin trading this week.
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