Anticipating Bitcoin’s Trajectory: Impact of This Week’s Economic Events

As Bitcoin swiftly withdraws, it aligns with a packed economic agenda featuring crucial events such as the Federal Reserve's policy meeting and the unveiling of core CPI data.

Anticipating Bitcoin’s Trajectory: Impact Of This Week’s Economic Events_65b97d115dc9b.webp

A dynamic week unfolds with a bustling economic calendar, and the early trading session witnesses a downturn in the crypto markets. A pivotal event on the horizon is the Federal Reserve’s policy meeting, coupled with the release of core CPI data.

Providing insights into the key economic milestones for the United States starting December 11, The Kobeissi Letter, a prominent macroeconomics outlet, highlights the significant events shaping the financial landscape. Notably, Bitcoin has initiated a rapid retreat, prompting speculation on the extent of the market correction.

Turning attention to the economic calendar, December 12 holds significance with the release of reports on November’s CPI figures, offering a gauge of changes in the retail prices of goods and services—an influential metric for assessing inflation. Projections suggest that the Core CPI year-over-year is poised to hold steady at 4%. In October, the annual inflation rate in the US decelerated to 3.2%, a trend expected to persist into November.

anticipating bitcoins trajectory impact of this weeks economic events 65b97d116154f

Midweek introduces the unveiling of November’s Producer Price Index (PPI) report, a vital dataset from the Bureau of Labor Statistics reflecting input prices for producers and manufacturers. Given its impact on retail pricing, the PPI serves as a valuable precursor for anticipating inflationary pressures.

Simultaneously on Wednesday, the Federal Reserve’s policy meeting takes center stage, promising insights into the central bank’s perspective on interest rates. The meeting’s significance is further underscored by the accompanying release of the Fed’s quarterly economic projections summary, providing a comprehensive overview of the economic landscape. As the week unfolds, the intricate interplay of economic events will undoubtedly shape market sentiments and trajectories.

Illustrating the Federal Reserve’s perspective on the benchmark federal funds interest rate across short, medium, and long terms, the “Dot Plot” serves as a concise chart encapsulating their outlook.

anticipating bitcoins trajectory impact of this weeks economic events 65b97d11cf9e6

According to insights from the Kobeissi Letter, the latest communication from the Fed emphasized that expectations of a rate cut are “premature.” The forthcoming week is anticipated to reinforce this stance, providing clarity on the central bank’s position.

Turning to economic indicators, Thursday’s agenda includes the release of retail sales data and initial jobless claims, events that are closely monitored for their implications on economic health and labor market dynamics.

Related: Binance Withdrew Its License, Giving Up The Idea Of Establishing An Investment Fund In Abu Dhabi

In the crypto sphere, the Monday morning Asian trading session unfolds with a bearish tone. The total market capitalization experiences a substantial $80 billion decline, marking a 4% decrease on the day. Bitcoin, at the forefront of these losses, records a 3.2% drop, settling at $42,377 at the time of reporting. Analysts had previously foreseen a correction in the crypto market, characterizing it as a response to the perceived frothiness that had enveloped the market in recent times. This correction seems to be manifesting itself at the commencement of the week.

5.0/5

(100 votes)

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

Nigerian Crypto Influencer Linus Williams Released After Detention

News | Editor Choice | Policy & Regulations

Nigerian Crypto Influencer Linus Williams Released After Detention

Nigerian cryptocurrency celebrity Linus Williams, popularly known as Blord, has been granted bail following three days in police custody. The fintech CEO, who has a significant following in the cryptocurrency community, was detained by the Cybercrime unit of the Nigeria Police Force over allegations of cryptocurrency fraud and terrorism financing linked to his companies. Blord

What Is Banana Gun Information About Banana Token

Editor Choice | Research

What is Banana Gun? Information about BANANA Token

What is Banana Gun? What is noteworthy about the first project on the Binance Airdrops Portal? Is the BANANA Token worth investing in? Let's explore this together with AZCNews!

What Is Pixelverse Information About Pixfi Token

Research | Editor Choice | GameFi

What is Pixelverse? Information about PIXFI Token

What is Pixelverse? What is noteworthy about this renowned game on Telegram? Is the PIXFI Token worth investing in? Let's explore this together with AZCNews!

Azcnews Elon Musk Joe Biden

News | Editor Choice | Policy & Regulations

Elon Musk Ends X Feature Amid Trump vs. Biden Saga

Elon Musk has recently stated that he asked to end a special feature on his social media platform X amid the ongoing Trump vs. Biden chronicles in the U.S. elections.

Binance Announces Listing Of Banana Gun (banana)

News | Altcoin | Editor Choice

Binance Announces Listing of Banana Gun (BANANA)

The Binance exchange has announced the listing of Banana Gun (BANANA), and this is also the first project on the Binance Airdrops Portal!