The crypto market this week is poised for significant shifts due to the Bitcoin Conference, Ethereum ETF approval, and key economic data like PCE inflation and US GDP.
Crypto Market This Week: The digital assets space is gearing to enter a crucial week, with a flurry of macroeconomic factors set to shape the market sentiment. Besides, several other market trends like the anticipated Spot Ethereum ETF approval by the US SEC, and other factors are also likely to impact the market.
Here we take a closer look at the key events that are likely to shape the market performance this week.
How Will The Crypto Market Perform This Week?
According to several experts, the crypto market is poised for a rally this week, given the recent anticipation of several positive announcements. Let’s explore the potential reasons that are likely to shape the crypto’s performance this week.
Key Events Likely To Shape Crypto Performance
A flurry of market enthusiasts predicts a bullish crypto market this week, driven by anticipation of several positive announcements. One major factor is the US Q2 GDP, expected to grow at 1.9%, up from 1.4% in the previous period. This growth could impact the global cryptocurrency space, given the economic stance on digital assets.
The upcoming GDP data will aid the central bank in deciding on potential policy rate changes. According to the CME FedWatch Tool, a rate cut is anticipated in September. However, the GDP data will likely influence the Federal Reserve’s decision.
Another key economic indicator, the U.S. PCE Inflation data, will be released this week. Investors will closely track these figures to gauge the Federal Reserve’s rate hike plans. Recent cooling of U.S. CPI data suggests a dovish stance, but hotter-than-expected PCE data could negatively impact the crypto market.
Bitcoin Conference and Ethereum ETF Approval
The Bitcoin Conference this week is expected to have a significant impact on the crypto landscape. Donald Trump is anticipated to speak at the event, fueling speculation that he might announce Bitcoin as a reserve asset for the U.S. Experts believe the conference could act as a catalyst, potentially driving up Bitcoin price as well as the overall crypto landscape.
Another crucial event is the potential approval of the Ethereum ETF by the U.S. SEC. Many experts anticipate that the Ethereum ETF could start trading on July 23, which is expected to fuel a rally in the crypto space. This approval would mark a significant milestone, reflecting growing institutional interest and confidence in Ethereum.
The market’s outlook remains optimistic, with multiple factors aligning to potentially drive prices higher. However, the crypto market is not without its volatile nature. Having said that, the investors should exercise due diligence before making any bets on the market.
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