Key Events This Week That Might Have a Potential Impact on Bitcoin

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Vital Events in the US This Week That Could Impact Bitcoin
  • The U.S. Fed will decide the interest rate on Wednesday. 
  • Philly Fed Manufacturing Index and Existing Home Sales will be released on Thursday.
  • Fed Chair Jerome Powell will address the US on Friday.

A number of important events and announcements are scheduled to occur this week in the United States that could impact the price of digital currencies like Bitcoin (BTC) and Ether (ETH). 

Firstly, the U.S. Housing Starts data, which typically pertains to the construction of new residential buildings in the country, will be released on Tuesday. It depicts the health of the housing market and overall economic activity. 

Thereafter, on Wednesday, the Federal Reserve is set to decide the interest rate, which can have a noticeable impact on the price action of Bitcoin. Notably, lower interest rates can make traditional investments like bonds and savings accounts less attractive, leading investors to seek higher returns elsewhere, most probably Bitcoin (BTC). 

On the same day, another event is taking place. The Fed will hold a press conference to discuss the economy and Fed rates for the near future, which will also impact the price of BTC. 

Next, on Thursday, the Philly Fed Manufacturing Index will be released. It provides insight into the health and direction of the manufacturing sector in the United States and can possibly impact the price of Bitcoin indirectly. Positive or negative readings in the index can affect overall economic sentiment, potentially influencing investor confidence and risk appetite.

Thursday will also witness the release of the Existing Home Sales data which will provide insights into the health of the housing market. It can also impact the price of BTC indirectly. If the data is positive, investor confidence increases, which can also be witnessed in the cryptocurrency sector. 

Finally, on Friday, Fed Chair Jerome Powell will address the US media, talk about the existing state of the economy, and discuss the potential steps that the central bank of the US will take to further strengthen the country’s position as a world leader. 

On the other hand, data from CoinMarketCap shows that Bitcoin is currently hovering around its 2021 all-time high of $69,000, with a 9.22% decline in volume. The leading digital asset might break the new all-time high currently at around $73,000 if the US economy data strengthens.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.