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What to expect from the cryptocurrency market this week: events and economic indicators

Fast Take
  • Altcoin events and technical updates mark the start of the week.
  • Economic indicators from the US and the Eurozone will influence the market.
  • Speech by the president of the FED could be decisive for the sector.
Expectation in the cryptocurrency market before the Fed announcement, what to expect?
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This week, the cryptocurrency market is preparing to face a series of significant events, marked by the combination of internal sector developments and important global economic indicators. The price of Bitcoin has shown an upward trend, even with a $4,3 billion fine imposed on Binance and Changpeng Zhao's departure from the exchange.

In fact, Bitcoin surpassed the US$38.000 barrier and soon after fell and stabilized just above US$37.400. Despite a slight pullback of 1% in the last 24 hours, BTC is up more than 2% in the last week.

Not just Bitcoin, but several cryptocurrencies are also exhibiting interesting movements. At the time of publication, Ethereum is above US$2.050. Meanwhile, Cardano (ADA) is near $0,39 up 2% and Solana (SOL) is at $58 down 1,7% on the day. XRP is stuck near the $0,62 zone with no gains.

Monday, November 27: Focus on Asia and Strategic Announcements

Monday starts with news in the Asian market, where EOS (EOS) will be listed on the Binance Japan, marking a significant step towards the expansion of cryptocurrency in the region. Simultaneously, Flux (FLUX) is preparing to reveal an important announcement, generating expectations in the community. Furthermore, Qtum (QTUM) will implement a mandatory update, reflecting the constant dynamism of the sector.

Tuesday, November 28: Technical Changes and Network Expansions

The scenario intensifies on Tuesday, when EOS (EOS) transitions to a new consensus mechanism, potentially altering its operational dynamics. In parallel, a significant upgrade will take place on the Shentu (CTK) network.

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Wednesday, November 29: US Strategic Releases and Economic Indicators

iExec RLC (RLC) will announce details of its roadmap, an event eagerly awaited by investors and enthusiasts. In the economic sphere, the United States will release the Quarterly Gross Domestic Product (GDP), with expectations of growth of 4,9%, a significant increase compared to the previous quarter. Additionally, speeches by members of the Federal Reserve (FED) and the publication of the FED Beige Book will offer valuable insights into the American economy.

Thursday, November 30th: Releases and Key Indicators

The FORE Protocol (FORE) will be launched, adding new dynamics to the market. Key economic indicators such as the Eurozone Annual Consumer Price Index (CPI) and several US indices, including the Personal Consumption Expenditures (PCE) Price Index and initial unemployment claims, will be released, offering insight comprehensive understanding of the current economic situation.

Friday, December 1: Focus on FED Words

The week ends with a speech by FED President Jerome Powell. Thursday's inflation reading will offer one last opportunity for economic data to derail the current narrative that reinforces claims that the US economy may be headed for a "soft landing", in which inflation retreats towards the target of 2% from the central bank without a serious economic recession.

When is the next Fed meeting?

This way, the next meeting of the Fed in 2023 is the last meeting that takes place between December 12th and 13th (Tuesday and Wednesday).

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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