The past week has been significant due to the many BTC and altcoin developments outside of prices. While 3AC and FTX plan to launch and relaunch their crypto exchanges, respectively, Genesis announced that it aims to act “quickly and efficiently” to exit its bankruptcy filing. On the other hand, while Bitzlato was under investigation in the USA; Genesis, Gemini, and Nexo have been among the targets of the SEC’s escalating lawsuits against crypto assets. Apart from that, cryptocurrencies are also affected by macroeconomic developments. So what will happen next week?
What are the weekly developments that will affect BTC and altcoins?
In the last seven days, several stories have developed that may have repercussions for the next week. However, some macroeconomic developments this week will affect both traditional markets and the BTC and altcoin space. First of all, on Monday, markets in China and South Korea will be out of business due to the Chinese New Year. This holiday will continue for one more week. cryptocoin.com As we reported, Bitcoin historically performs well at the start of the New Year holiday celebrated in much of Asia. Therefore, some experts may be expecting a rise in BTC.
On the other hand, European markets will be active tomorrow. Tomorrow at 17.30 Turkish time, European Central Bank board member Fabio Panetta’s speech will take place, followed by a statement by the bank’s president, Christine Lagarde, at 20.45. Other than that, tomorrow is Genesis’ first hearing in Chapter 11 bankruptcy.
Important data draws attention in the USA
US production and services PMI figures will be released on Tuesday, January 24, at around 5:45 pm. Lagarde will also make a statement on Tuesday at 12:45 Turkish time. On Wednesday, the European Central Bank will hold a policy meeting. Unemployment claims will be announced in the US on Thursday at 16.30 Turkish time. The previous number of jobless claims was 190 thousand and experts expect the data to reach 199 thousand this month.
Apart from that, the Gross Domestic Product (GDP) of the USA will be determined on the same day. The previous number for this data was 3.2 percent. Experts expect a change of 2.8 percent. On Thursday, the figures for unemployment benefits in the US will be released lastly.
Finally, ECB President Christine Lagarde will make another speech at 13:30 on Friday. At 16.30 CEST, monthly and annual PCE price index will be announced in the USA. In terms of cryptocurrencies, 42.9 million Ronin (RON) coins and 16.8 million Yield Guard Games (YGG) coins will be unlocked on Friday.
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