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Three Key Events To Look Out For In Crypto This Week

Three Key Events To Look Out For In Crypto This Week

99bitcoins99bitcoins2024/09/09 10:27
By:Ruholamin HaqshanasAkriti Seth

The crypto market continues to face heightened volatility amid major microeconomic developments. On Friday, 6 September 2024, Bitcoin experienced significant price swings following the release of the US jobs report.

Likewise, a series of key economic reports and political events are set to shape market sentiment this week, potentially causing swings in crypto prices.

These are three major developments that are most likely to influence the crypto market in the coming days.

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US Presidential Debate: Trump v/s Harris

The major political event that caught the attention of crypto traders is the upcoming debate between Donald Trump and Kamala Harris. The debate has garnered attention due to both candidates’ stances on cryptocurrencies.

Harris recently showed signs of becoming more receptive to pro-crypto policies. Trump, on the other hand, has long been viewed favorably by parts of the crypto community due to his bullish remarks on Bitcoin and the broader crypto market.

Related: Key Crypto Heads Plan To Raise $100K For Kamala Harris

The debate, set to occur later this week, is expected to influence market sentiment, particularly as traders consider how the candidates’ crypto-related policies may shape future regulations and market conditions.

NEW: Kamala Harris advisors are “scrambling” with just days until the debate after they were forced to “rewrite” Harris’ debate playbook.

The Harris campaign says she is “handcuffed” with the debate rules.

Kamala Harris planned on interrupting Trump while he is speaking with… pic.twitter.com/0AGz3vmSBe

— Collin Rugg (@CollinRugg) September 8, 2024

US Consumer Price Index (CPI) Data

Inflation continues to be a critical factor in shaping market dynamics. This week’s release of the Consumer Price Index (CPI) will likely be a major driver for Bitcoin and other risk-on assets.

Scheduled for release on 11 September 2024, the CPI data will provide insight into the Federal Reserve’s potential interest rate decisions.

In July, inflation dipped to 2.9%, down from 3% in June, and this drop contributed to Bitcoin’s slight price increase during the period.

Economists now expect inflation to ease further. Projections are indicating a decline to 2.7% for August. A reduction in inflation could boost Bitcoin’s value as it signals a more stable economic environment.

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Consumer Sentiment And Employment Data

Alongside inflation figures, traders will be keeping a close eye on consumer sentiment and employment reports. Both reports could influence crypto market behaviour.

On 13 September 2024, the University of Michigan will release its preliminary consumer sentiment report, offering a glimpse into how Americans perceive their economic well-being.

Consumer sentiment is often a bellwether for inflation concerns and the overall health of the economy. If the report shows strong sentiment, it could drive optimism in the markets, potentially boosting Bitcoin and other cryptocurrencies.

Additionally, the initial jobless claims report, which will be released on Thursday, could add to the market’s volatility. The employment data is crucial as it shapes perceptions of the U.S. economy’s strength and influences expectations for future Federal Reserve actions.

If the report signals weakness in the labor market, it could prompt concerns about economic instability, which may drive crypto prices lower. Conversely, positive employment data could instil confidence in traders, supporting a more bullish outlook for Bitcoin.

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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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.

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