Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Fed speech to influence crypto markets this week

Fed speech to influence crypto markets this week

GrafaGrafa2024/08/19 06:45
By:Liezl Gambe

This week, the financial world is focused on several crucial economic events that could significantly impact the cryptocurrency markets.

Investors and analysts are closely monitoring the upcoming Federal Open Market Committee (FOMC) meeting, economic data releases, and a key speech by Federal Reserve Chair Jerome Powell.

These events are expected to provide insights into the Federal Reserve's monetary policy direction and influence market sentiment.

The first major event is the FOMC meeting on Wednesday.

During this meeting, minutes from July’s session will be reviewed, offering a detailed account of the Fed’s policy outlook and the perspectives of its committee members.

The minutes will also provide valuable insights into the Fed’s views on the current economic situation and future trends.

Market participants are eager to understand the Fed’s stance on interest rates, which could signal future market movements.

On Thursday, the SP Global Manufacturing and Services PMI reports for August will be released.

These reports are critical as they reflect the business conditions in the US manufacturing and services sectors, which are key indicators of the overall economic health.

Policymakers often use these reports as forward-looking indicators to gauge economic trends and make informed decisions on monetary policy.

The week will culminate with a highly anticipated speech by Fed Chair Jerome Powell at the Jackson Hole Economic Policy Symposium on Friday.

This annual event is a significant global forum for central bankers, policy experts, and academics.

Powell’s speech is expected to outline the Fed’s approach to interest rate reductions, particularly as recent data indicates that inflation is gradually moving toward the Fed’s 2% target, consumer spending remains stable, and unemployment levels are not worsening.

In the crypto market, while tech stocks have shown signs of recovery, digital assets have faced resistance.

The total market capitalization of cryptocurrencies has slightly decreased to $2.17 trillion, with Bitcoin struggling to maintain levels above $60,000, currently trading around $58,700.

Ethereum (CRYPTO:ETH) has performed marginally better, trading at $2,642.

The outcomes of this week’s economic events could play a pivotal role in determining the direction of the crypto market in the near term.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!