Key Events That Will Affect Crypto and Bitcoin This Week as Powell Beware of Rate Cuts
US Federal Reserve (Fed) Chairman Jerome Powell confirmed in his 60 Minutes interview that the central bank is more cautious about interest rate cuts, especially after the latest economic data. He rejected the theory that the Fed’s rate cuts could happen after reaching its 2% target, stating that the US economy remains strong and that the FOMC wants to see more evidence that inflation will fall to 2%. Crypto and Bitcoin traders are looking for clues from the Fed’s rate cuts to keep money flowing back into the crypto market.
Important Events for Crypto and Bitcoin Investors
This week will be very important for crypto investors as it recaps many important and macro events related to crypto.
Pro-Bitcoin candidate Nayib Bukele was re-elected as President of El Salvador, signaling greater commitment to Bitcoin, specifically BTC accumulation and the Bitcoin-based Freedom Visa and Citizen program.
Meanwhile, the People’s Bank of China’s reduction of the required reserve ratio (RRR) for banks by 50 basis points came into effect today. ChineseThe CSI 1000 index fell 8 percent in a matter of hours, causing 30 percent of the shares on the exchange to cease trading. This comes amid China’s stimulus measures, short-selling ban and other market stabilization policies.
There are plenty of macro events coming from the US, including S&P Services PMI data on Monday, ISM Non-Manufacturing PMI data on Tuesday. 10 Year Treasury Note auction on Wednesday and Initial Unemployment Claims on Thursday. Additionally, 20% of S&P 500 companies are reporting earnings this week; Volatility may peak as markets rise.
The most important event that investors will pay attention to for clues will be the speech of Fed officials. FOMC members Raphael Bostik, Loretta Mester, Adriana Kugler, Thomas Barkinetc. Michelle BowmanThey are scheduled to speak this week. President of the Federal Reserve Bank of Chicago Austin Goolsbee and Bowman has already pushed back against expectations for a rate cut in May or June.
Other events
The U.S. Securities and Exchange Commission’s (SEC) decision on the Invesco Galaxy spot Ether ETF will be made on February 6. This decision will be watched closely as market experts, including Standard Chartered and Bloomberg ETF analyst Eric Balchunas, await Ether ETF approval in May.
Polygon (MATIC) Etrog upgrade on Tuesday and Horizen (ZEN) mainnet upgrade on Wednesday are also among this week’s highlights.
The Hong Kong Securities and Futures Commission (SFC) will likely rule on Harvest Hong Kong’s spot Bitcoin ETF application on February 9. The launch of the Spot Bitcoin ETF is expected to take place after Chinese New Year on February 10.
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
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