Bitcoin & Key Events To Watch Out
By Shubham Joshi
In 2024, cryptocurrencies continued to evolve on an optimistic note amidst ongoing global interest and regulatory developments. The market witnessed a mix of highs and lows, marked by significant advancements in technology and adoption, alongside regulatory shifts that aimed to bring clarity and stability.
As the new week begins, The United States Economic Calendar is packed with important events scheduled later.
Let us understand the events which will impact the cryptocurrency markets.
- CPI Data
The CPI data is crucial because it will aid in the markets’ evaluation of the Federal Reserve’s policies and rate-cutting initiatives. However, market participants anticipate an increase of 0.2% in December’s CPI Data, resulting in an annual price increase to 3.3% from previous reading of 3.1%.
- Deficit in Monthly Budget
Moving on, analysts estimate a startling $62.5 billion in the monthly budget gap, which will be announced on December 11 contributing to the already record-breaking national debt of $34 trillion. Interestingly, economists and financial specialists have expressed concerns about this trend’s possible effects on the financial system and the economy. An increase in interest rates and inflationary pressures brought on by excessive debt levels may slow down economic growth, analysts said.
- ARK 21 Shares Spot Bitcoin ETF
Market participants highly anticipate the Securities and Exchange Commission’s ruling on December 10 regarding the ARK 21Shares spot Bitcoin ETF. However acceptance of the ETF will bring optimism in the markets whereas a rejection might cause the cryptocurrency market to collapse, reports highlighted.
- Bank Earnings Calls
A number of bank earnings calls are scheduled later this week as banks including Citigroup, JPMorgan Chase, BlackRock, BNY Mellon, Wells Fargo, and Bank of America are set to deliver their quarterly reports. Unless there is an SEC denial that causes a bigger fall, these events are expected not to have a major effect on the cryptocurrency markets.
- Awaited Approval of the Bitcoin ETF
Lastly, talking about the history of the U.S. SEC and its relationship with Bitcoin ETF, we have witnessed major rejections for the approval of BTC ETF. However, the year 2024 began with a lot of optimism and hopes regarding the approval of the ETF which resulted in a boom in the price of bitcoin surpassing $44,000. However, crypto analysts expect the decision to be as soon as January 11. The cryptocurrency market will benefit greatly from the approval effect, and there will be losses associated with the collapse.
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