The cryptography market is preparing for potential volatility while investors are looking at several key economic data points this week. According to Wu Blockchain, several crucial triggers, including the testimony of the Fed chair, Jerome Powell and the IPC data, could shape the feeling of the market in the coming days.
On February 11, the president of the federal reserve Jerome Powell will give his testimony to semi-annual monetary policy to the Committee of Financial Services of the Chamber. Powell’s statements should shed light on the Fed position on interest rates, inflation and economic perspectives, which could have an impact on risk assets such as cryptocurrencies.
Powell should also appear before the congress on Tuesday and Wednesday, and investors will monitor advice on future monetary policy movements.
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Investors are waiting for a multitude of economic data this week, including US CPI data, or the consumer price index for January, which is expected to be published on February 12. Wednesday, at 8:30 am, the heart, inflation data will be published, which will offer information on the health of the American economy. This will be followed by the production price index and the first weekly unemployment complaints on Thursday, then retail data on Friday.
The markets will look closely at these developments, which could set the tone to Bitcoin, Ethereum and Altcoins in the short term.
Crypto market braces for impact
Investors will pay particular attention to the economic data that comes out this week, in particular the new inflation figures. A higher than expected IPC report could mitigate the prospects for reducing early rates, exerting pressure on the cryptocurrency market, while a figure lower than it could supply a risky rally.
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The cryptocurrency market was stable on Monday, several digital assets displaying a mixed price. Bitcoin returned above $ 97,000 after falling at low $ 94,730 during the Sunday session. Currently, BTC is negotiated in the range wider from $ 90,000 to $ 100,000, with recent movements shrinking between $ 95,000 and $ 100,000.
Ethereum reached a hollow of $ 2,522 on Sunday, but has since rose to $ 2,645. Sol, Monero, Litecoin, sui and some other pieces were in place at the time of the press. Meanwhile, XRP, BNB, Stellar (XLM), Pepe and other cryptocurrencies have seen losses.
The Crypto Fear & Greed index, which measures the feeling of the market for Bitcoin and other cryptocurrencies, has remained in fear since last week, with an average score of 44 out of 100.
