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This Week’s Bitcoin and Crypto Events

The Bitcoin and cryptocurrency markets had a phenomenal week. This past week was defined by the Federal Reserve’s interest rate decision and BlackRock’s application for a Bitcoin spot ETF.

The upcoming week may also contain some decisive events. The week is somewhat subdued in terms of macro data, but Fed Chairman Jerome Powell’s testimony before the US Senate and House of Representatives on June 21 and 22 will be of significant significance.

Powell will face queries from Democratic and Republican politicians on both days at 10:00 a.m. EDT. The queries will focus on recent monetary and interest rate policy decisions made by the Federal Reserve. Traditionally, the stock market closely follows Powell’s Senate and House of Representatives remarks.

The frequently critical comments and queries from US policymakers regarding inflation, banking problems, future economic risks in the United States, and other issues such as problems in the US housing sector and corporate lending could put Powell on the spot and elicit intriguing statements. During the proceedings, investors should anticipate heightened volatility in the equity, Bitcoin, and cryptocurrency markets.

The most important macro data this week will be released on Friday, June 23, at 9:45 a.m. EST, when the US Purchasing Managers Index (PMI) for the services sector is released. The final number for the month of May was 54.9, which was again below the consensus estimate of 54.1.

Despite minor declines, the service sector continues to outperform the manufacturing sector in the United States. Only if the analysts’ forecast of 54.0 is substantially off will the financial markets be negatively affected. Analysts would interpret this as a symptom of a slowing economy in the United States. In the meantime, achieving or exceeding the forecast could increase the likelihood of a further decline in inflation over the next few months.

This Week’s Bitcoin And Cryptocurrency Related Events

In addition to the Federal Reserve and economic data, crypto-related events could have a significant impact on prices in the coming week. Consequently, additional favourable news regarding the US Securities and Exchange Commission’s (SEC) proceedings against cryptocurrency exchanges Binance and Coinbase could provide additional upside potential.

In addition, Judge Analisa Torres’ ruling in the legal dispute between Ripple Labs and the SEC could arrive at any time. A victory for Ripple could have enormous repercussions for the entire cryptocurrency market, particularly if the judge remarks on secondary market transactions of crypto assets such as XRP.

Last but not least, Bitcoin, the dominant cryptocurrency, will receive special attention. Now that BlackRock has applied for its spot ETF, it is rumoured that rival financial behemoth Fidelity will file for a spot ETF similar to BlackRock’s.

This favourable news could be crucial for Bitcoin to once again rise above its 200-week moving average (MA). Analysts at Rekt Capital observe:

BTC has rallied directly to the 200-week moving average. Turn the MA into new resistance and BTC would receive two-step confirmation of a breakdown. This would presumably be followed by further disadvantages.

 

Bitcoin price

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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