5 Cryptocurrency Events To Watch This Week – NewsTo
5 Cryptocurrency Events To Watch This Week

5 Cryptocurrency Events To Watch This Week

The Bitcoin and cryptocurrency markets experienced a record-breaking week. The pivotal moments of the previous week were the US Federal Reserve’s interest rate decision and BlackRock’s request for a Bitcoin spot ETF.

The coming week may possibly bring forth some significant developments. The week is somewhat quieter in terms of macro data, but Fed Chairman Jerome Powell’s testimony before the US Senate and House of Representatives on June 21 and 22 will be of paramount importance.

Powell will take questions from both Democratic and Republican legislators at 10:00 a.m. EST on both days. The recent monetary and interest rate policy decisions made by the Fed will be the primary focus of the discussion. The stock market traditionally keeps a close eye on Powell’s statements in the Senate and House of Representatives.

The frequently critical remarks and inquiries from US policymakers about inflation, banking troubles, potential hazards to the US economy, and other matters including issues with the US housing market and corporate lending might put Powell in the position and elicit some intriguing answers. Investors should anticipate higher volatility in the equity market, as well as in the Bitcoin and cryptocurrency markets, during the hearings.

5 Cryptocurrency Events To Watch This Week

The US Purchasing Managers Index (PMI) for the services sector will be issued on Friday, June 23, at 9:45 am EST, and will be the most important macroeconomic data this week. Last but not least, May’s final figures came in at 54.9, which was yet again below the 54.1 expert predictions.

The service sector, however, continues to outperform the US industrial sector despite small decreases. A negative effect on the financial markets should only be anticipated if the analysts’ prediction of 54.0 is severely missed. This would be interpreted by analysts as an indication that the US economy is cooling. A further drop in inflation in the upcoming months may become more likely if the projection is met or exceeded.

This Week’s Bitcoin And Crypto Events

Events relating to cryptocurrencies may have a significant impact on prices in the forthcoming week in addition to the Fed and economic data. Therefore, additional positive news regarding the US Securities and Exchange Commission’s (SEC) legal actions against Binance and Coinbase could offer further upward potential.

Furthermore, a ruling by Judge Analisa Torres in the legal dispute between Ripple Labs and the SEC can be announced at any moment. A victory for Ripple might have significant impacts on the whole cryptocurrency market, especially if the judge makes mention of secondary market exchanges of digital assets like XRP.

Last but not least, special attention will be dedicated to Bitcoin, the most popular cryptocurrency. Now that BlackRock has submitted a filing for its spot ETF, there are rumours that fellow financial behemoth Fidelity will follow suit and submit a filing for a spot ETF a la BlackRock.

This positive news may play a significant role in pushing Bitcoin back over the 200-week moving average (MA). The Rekt Capital analysts observe:

Straight into the 200-week MA, #BTC has surged. BTC would get two-step breakdown confirmation if the MA were to become new resistance. Additional drawbacks would probably come before this.

5 Cryptocurrency Events To Watch This Week
Source: TradingView.com

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