Key Economic Events in the U.S. This Week Could Drive Bitcoin and Ether Prices: Housing Data, Fed Interest Rate Decision, and Powell’s Address Awaited

Key Economic Events in the U.S. This Week Could Drive Bitcoin and Ether Prices: Housing Data, Fed Interest Rate Decision, and Powell’s Address Awaited

Crypto News – This week in the United States, a series of significant events and announcements are poised to unfold, potentially exerting influence on the prices of digital currencies such as Bitcoin (BTC) and Ether (ETH).

Commencing on Tuesday, attention will be on the release of U.S. Housing Starts data. This data, typically centered around the initiation of new residential construction projects in the nation, serves as a barometer for the health of the housing market and broader economic activity.

Wednesday marks a pivotal day as the Federal Reserve convenes to determine interest rates, an event with ramifications for Bitcoin’s price dynamics. Lower interest rates can diminish the appeal of conventional investments like bonds and savings accounts, prompting investors to seek higher yields elsewhere, potentially directing funds toward Bitcoin (BTC). Concurrently, the Fed will conduct a press conference to deliberate on the economy and future rate policies, further impacting BTC prices.

Moving to Thursday, the release of the Philly Fed Manufacturing Index will offer insights into the state and trajectory of the U.S. manufacturing sector. While indirectly linked, the index readings can sway overall economic sentiment, influencing investor confidence and risk appetite, thereby affecting Bitcoin prices. Additionally, Thursday will witness the unveiling of Existing Home Sales data, shedding light on the housing market’s health. Positive data may bolster investor confidence, potentially resonating in the cryptocurrency sector.

Finally, on Friday, all eyes will turn to Fed Chair Jerome Powell as he addresses the U.S. media. Powell’s discourse on the current economic landscape and prospective strategies by the U.S. central bank to fortify the nation’s global standing could significantly impact market sentiment and, consequently, digital currency prices.

Meanwhile, CoinMarketCap data reveals Bitcoin’s proximity to its 2021 all-time high of $69,000, despite experiencing a 9.22% decline in trading volume. Should U.S. economic data prove robust, Bitcoin may well surpass its current all-time high, setting sights on the $73,000 mark.