Markets
Key US Economic Data This Week
US economic data and the calendar remain under the watchful eye of cryptocurrency market participants. Key events are scheduled that may affect portfolios, and the country’s political climate continues to play a key role in driving markets.
The United States has one of the largest economies in the world, and approximately 52 million Americans own cryptocurrencies.
US Economic Events to Watch This Week
After Tesla Second Quarter (Q2) Earnings ReportThe crypto community remains interested in several other US economic data and events.
- July 25: Q2 2024 GDP data
- July 25: Unemployment benefit applications
- July 25 – 27: Bitcoin 2024 Conference in Nashville
- July 26: June PCE Inflation data
- GDP
First, investors await Thursday’s report from the Commerce Department’s Census Bureau on second-quarter gross domestic product (GDP). A slowdown in GDP growth would suggest a potential economic cooling, potentially influencing investor sentiment. This change in sentiment could lead to increased interest in Bitcoin and cryptocurrencies in general as alternative investments.
2. Initial Unemployment Claims
Initial jobless claims, slightly higher than in June, could indicate greater economic stability, which would benefit Bitcoin and cryptocurrencies. An increase in jobless claims would introduce some uncertainty, which could negatively impact investor confidence.
As investors try to balance the stability of traditional markets with cautious sentiment, crypto could take a choppy turn.
3. PCE inflation
The June personal consumption expenditures (PCE) index, released Friday, will also be interesting to watch. This is the last inflation report before the Federal Reserve (Fed) next meeting at the end of July. With interest rate cuts expected, the data will show whether inflation continued to slow in June.
As BeInCrypto reported, The Fed has shown growing confidence that inflation is moving closer to the 2% targetPolicymakers, after setting interest rates at record lows in decades to curb recent spikes in inflation, are now waiting for more positive news on price levels before considering any rate cuts.
“Today’s lower-than-expected CPI signals a broader slowdown in inflation. This could reinforce market expectations for a rate cut in September. Fed Funds future “We currently estimate the probability at 70%, which would boost both stocks and cryptocurrencies by increasing liquidity and risk appetite,” Jag Kooner, head of derivatives at Bitfinex, told BeInCrypto.
Learn more: How to protect yourself from inflation with cryptocurrencies
Some speculate that the Fed will wait until its September meeting to cut interest rates. Others also hope the central bank will cut rates in July. However, Friday’s inflation report could reinforce that assumption for policymakers.
Ultimately, the Fed will not issue any guidance this week. The move comes amid a blackout period that prevents any public comment ahead of next week’s Federal Open Market Committee (FOMC) meeting.
Bitcoin Conference 2024
The Bitcoin 2024 conference kicks off Thursday and runs through Saturday. Several billionaires are on the speaker list, including Donald Trumpamong the headliners. According to recent reports, the US Vice President Kamala Harris could move up the list to pick up some crypto votes.
David Bailey, CEO of Bitcoin Magazine and one of the organizers of the Bitcoin conference, confirmed the news.
“We are in discussions with the Kamala Harris campaign to have her speak at the conference. It would be a great idea for her to reposition the Democratic Party in the fastest growing voting bloc in the country. They are making their decision today,” he added. said Bailey in an X-rated post.
Learn more: How can blockchain be used for voting in 2024?
However, critics dispute that “Kamala Harris only wants to speak at the Bitcoin conference because she desperately wants to avoid losing this election, said Wayne Vaughn added: “Democrats want some of that precious money raised by pro-crypto Super PACs.”
As reported by BeInCrypto, Donald Trump set the lowest price at $844,600 (13.20 BTC) Price for a panel discussion at the Nashville Bitcoin ConferenceThe package includes photos with Trump for $60,000 per person, or $100,000 per couple, as part of the fundraiser.
As markets watch the USE economic data, these highlights highlight the need to stay informed and analyze market trends. They also reflect the importance of understanding the interconnectedness between traditional economic indicators and the cryptocurrency market. Ultimately, the key principles for navigating market fluctuations are diversification, risk management, and a long-term investment perspective.
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