Get ready for April 10th and 11th, 2024 – they’re shaping up to be big days for the United States economy. First up on April 10th, we’ll hear about the Consumer Price Index (CPI) for March, which tells us about inflation. Then, on April 11th, we’ll get the lowdown from the Federal Open Market Committee (FOMC) meeting that happened in March. This news could sway interest rates, so it’s kind of a big deal.
These updates aren’t just for Wall Street; they’ll also affect digital assets, especially Bitcoin. Whether directly or indirectly, the outcomes could shake up the cryptocurrency market.
Experts predict that interest rates will stay put, signaling a stable economic environment. That’s good news for cryptocurrencies because stable rates mean easier borrowing. And when borrowing is easier, more people might invest in riskier assets like cryptocurrencies.
Also, with less than 10 days until the next Bitcoin halving, where the block reward will decrease from 6.25 BTC to 3.125 BTC, it will have significant implications for Bitcoin and the cryptocurrency market as a whole. The halving will reduce the yearly inflation to approximately 0.8%, resulting in fewer new Bitcoins entering the market and decreasing potential sell pressure.
Despite the reduced emission rate, the high miner revenue in USD, driven by Bitcoin’s price appreciation, will maintain miners’ profitability and ensure the network’s security remains high.
Read More: 10 Hidden Gem Altcoins for Pre-Bitcoin Halving Investment
Right now, Bitcoin is sitting at around $71,539. Depending on how the economic news pans out, we could see it shoot up as investors look for riskier bets. Keep an eye on key levels like $67,000 and the 50-day Exponential Moving Average (EMA) at around $57,757 – they’ll give us clues about where Bitcoin might be headed next.
What it all means…
Good or neutral economic news from the CPI and FOMC could help steady the ship. If inflation is under control or dropping, investors might feel more confident about taking risks, which could be a win for Bitcoin.
Also Read: Bitcoin Halving 2024: Analysts Warn of Potential “Sell-the-News” Scenario
So, are you bullish or bearish on Bitcoin this week?
The idea of the U.S. government holding XRP as part of a national reserve might…
Coinbase Derivatives, LLC has launched CFTC-regulated futures contracts for XRP, adding to the growing list…
In a huge development for the cryptocurrency industry, Paul Atkins has officially been sworn in…
The wider crypto market may be attempting to follow the Gold price but the short-term…
The Circle Payments Network will leverage regulated stablecoins led by USDC and EURC. The CPN…
The Avalanche ecosystem has grown significantly in the past year backed by institutional investors seeking…
