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Macroeconomic data could impact Bitcoin this week
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Bitcoin and global markets could be heavily impacted by a series of macroeconomic data expected this week. Between speeches by financial leaders and the release of important economic reports, investors will be attentive to market behavior and possible variations in the price of cryptocurrencies, especially Bitcoin (BTC).
This Monday, September 30, Jerome Powell, chairman of the Federal Reserve (Fed), will give a speech during the annual meeting of the National Association for Business Economics (NABE) in Nashville, Tennessee.
Powell’s speech will have great relevance, as his observations about the United States economy can directly influence the markets.
In recent weeks, the monetary policies adopted by the Fed, including the recent interest rate cut, have increased liquidity in the financial market. This provided relief to investors.
Economic Reports Could Impact Bitcoin
This measure influenced the price of Bitcoin, which has shown moderate growth since the announcement. The market responded well to the liquidity injection. And this was reflected in the behavior of assets like Bitcoin, which benefited from investors’ greater willingness to risk.
However, there are uncertainties that can curb optimism. The slowdown in the job market in the United States has raised concerns about a possible recession.
If Powell emphasizes these risks in his speech, markets, including cryptocurrency, could suffer a downturn. Demand for risky assets, such as Bitcoin, tends to fall in the face of a more cautious economic scenario.
In addition to Powell’s speech, other important economic reports will also be released throughout the week. The Institute for Supply Management (ISM), for example, will publish its manufacturing report on Tuesday, October 1.
On the same day, data on employment in the United States and the euro zone consumer price index (CPI) will be made public. These indicators will provide a clearer picture of the global economic situation and Bitcoin’s performance in the markets.
On Wednesday, October 2, the US will publish the non-farm employment report. Then, on Thursday, October 3, the country will release the number of unemployment benefit claims. On Friday, October 4th, the September labor market report will be the highlight of the week.
Macroeconomic data could impact Bitcoin this week
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Macroeconomic data could impact Bitcoin this week
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Macroeconomic data could impact Bitcoin this week
