Cryptocurrencies made a strong weekly close. Bitcoin’s price has risen directly to the current key resistance of $28,600. After seven unsuccessful attempts, its price has once again reached the key level below $30,000. Bitcoin and crypto investors, who are interested in what will happen in the coming period, are also following this week’s macroeconomic data. Here are the details…
There are many critical events for cryptocurrencies
European and Hong Kong stock markets are closed today for the Easter holiday. In the US, the market is quiet. After a quiet start to the week, one of the most important macro metrics for financial markets comes with the US Consumer Price Index (CPI) on Wednesday, April 12. When the CPI data is released at 15:30 CET, experts expect to see more volatility in the Bitcoin and crypto markets. Investors will be assessing whether the Fed will move on to another rate hike or hit the pause button in the face of stronger-than-expected inflation with the latest US labor market data. The previous month’s CPI was 6 percent annually and 0.4 percent monthly.
CPI is expected to be 5.2 percent on an annual basis and 0.3 percent on a monthly basis in March. According to experts, the failure to meet expectations will lower the price of Bitcoin as markets are pricing in a higher probability of a new rate hike by the Fed in May. CME’s FedWatch tool currently shows a 61 percent probability of a 0.25 percent rate hike in May. According to experts, if expectations are met or exceeded, Bitcoin is likely to rise. Also on Wednesday, the FOMC minutes will be released at 9:00 pm. The minutes of the meeting will reveal more details about the Fed’s expectations and assessments of the latest interest rate decision. This makes Wednesday the most important day of the week.
PPI, unemployment claims and much more to be announced
cryptocoin.com As we have also reported, on Thursday, April 13, both the US Producer Price Index (PPI) and the first unemployment claims will be announced at 15:30 CEST. While the initial unemployment claims are estimated to be 216,000, this figure was previously announced as 228,000. Last week, US labor market and ISM private sector purchasing managers index figures showed minor cracks in the US economy, while the US unemployment rate sent a mixed signal and fell marginally.
US retail sales will be announced on Friday, April 14 at 15:30. March retail sales are expected to fall 0.5% on a monthly basis, while core retail sales are expected to fall 0.4% on a month-on-month basis. The data can be evaluated in the context of slowing economic growth momentum and recession fears.
There is a critical update in the cryptocurrency space
Meanwhile, cryptocurrencies are eagerly awaiting Ethereum’s Shapella update. This update of Ethereum will take place on April 12. For the first time since the Ethereum (ETH) deposit contract was launched in March 2020, stakers will be able to withdraw their deposits, i.e. “unstake”. The Shapella hard fork is the most anticipated network upgrade for Ethereum (ETH) in 2023 and one of the highlights in the crypto segment in recent months. Because the leading altcoin is on the eve of its most radical tokenomic change in three years.
On the other hand, again on April 12, Aptos (APT) will unlock $50 million worth of tokens. You can take a look at other cryptocurrencies that will be unlocked this week in this article.
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