Will Crypto Markets Climb or Fall on This Week’s Big US Economic Data?
On April 1, the macroeconomics outlet Kobeissi Letter released the key events for this week’s busy economic calendar in the United States.
As crypto markets brace for another data-heavy week, volatility could return, with Bitcoin approaching resistance levels at its all-time high.
Crucial job market reports are scheduled to be released on Friday, and Fed Chair Jerome Powell will speak on Wednesday.
Key Events This Week:
1. ISM Manufacturing PMI data – Monday
2. JOLTs Job Openings data – Tuesday
3. OPEC Meeting – Wednesday
4. Fed Chair Powell Speaks – Wednesday
5. February Jobs Report – Friday
6. Total of 14 Fed speaker events this week
Huge week ahead as we kick off…
— The Kobeissi Letter (@KobeissiLetter) March 31, 2024
Economic Calendar
Monday, April 1, will see the release of March’s ISM Manufacturing PMI. This Institute for Supply Management report shows business conditions in the U.S. manufacturing sector and is a significant indicator of the overall economic conditions, though not directly related to crypto.
A similar ISM Services PMI report will be released on Wednesday. This data focuses on the U.S. services sector, which contributes more than 70% of the GDP.
Friday will see key job reports that reveal the number of new jobs created during the previous month and the percentage of people actively seeking employment for the period.
Central bank policymakers closely follow these reports and the shifts in numbers as they are strongly associated with the overall economy’s health.
Market participants will be looking to Fed Chair Jerome Powell for any indication on rate policy during his speech on Wednesday.
Moreover, there will be sixteen Fed speeches during the week that will be eyed for potential policy shifts.
On March 20, the US central bank left interest rates unchanged at 5.5%, causing a lot of market volatility despite the move being widely anticipated.
Crypto Market Outlook
Crypto market capitalization was down 1% on the day to $2.76 trillion during the Monday morning Asian trading session. It is very close to its 2024 peak on March 13, with momentum returning as we enter the halving month.
Bitcoin briefly topped $71,000 in late trading on Sunday before being pushed down to under $69,000. Nevertheless, it has recovered some ground and stands close to $70,000 now.
Ethereum had a similar weekend and now stands at $3,550. The altcoins were generally in the green this Monday morning, with better gains from Solana, Dogecoin, Toncoin, and Bitcoin Cash.
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