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Crypto Market on Edge! Top 3 Events This Week That You Need to Know

Published by
Mustafa Mulla

This week holds immense significance for global markets as investors gear up for three key events that could stir significant volatility across various asset classes. From the much-anticipated launch of a spot Bitcoin ETF in Hong Kong to the FOMC meeting and the unveiling of Unemployment data, the stage is set, and all eyes are on how these events will impact the crypto market.

You won’t need to be wondering for too long. Here’s a detailed breakdown of what you can expect!

ETFs Debut in Hong Kong!

The wait is finally over as the Hong Kong Spot Bitcoin ETF begins trading following its approval to launch on April 30th. This marks a significant milestone in the region’s journey to establish itself as a tightly regulated digital asset hub.

The approval and subsequent launch of these ETFs in Hong Kong echo the trend seen in the United States earlier this year, where the first Spot Bitcoin ETFs were introduced.

The debut of ETFs directly investing in Bitcoin and Ether on Tuesday will provide insights into market demand and the reception of these investment vehicles.

Insights Awaited: FOMC Meeting and Federal Reserve’s Outlook

Investors eagerly await the outcome of the upcoming Federal Open Market Committee (FOMC) meeting, seeking insights into the Federal Reserve’s stance on recent macroeconomic trends, particularly in growth and inflation.

While market expectations lean towards no immediate rate adjustments, the decision slated for May 1st will provide crucial guidance. Fed Chair Jerome Powell’s subsequent press conference promises to offer further clarity on the central bank’s perspective.

US Labor Market: What Will the Employment Figures Reveal?

This week also puts the spotlight on the US labor market as the federal government prepares to unveil April’s employment data. Economists anticipate the addition of 250,000 jobs to the economy, with keeping the unemployment rate below 4% signaling a significant milestone, akin to one of the longest streaks below this threshold on record.

The latest figures from the Labor Department’s Bureau of Labor Statistics, released on April 10th, revealed that the US consumer price index (CPI) surpassed expectations, climbing 0.4% month-on-month (MoM) and 3.5% year-on-year (YoY).

Anticipation Spurs Volatility

The anticipation surrounding these events has fueled expectations of heightened volatility. Speculation abounds that should markets witness another downturn, it could signify a crucial juncture for flagship cryptocurrencies like Bitcoin and Ethereum.

The clock is ticking! Will the Fed’s decision and jobs data trigger a crypto boom or bust? We’ll find out soon enough.

Also Check Out : Former Binance CEO CZ Faces 3-Year Sentence – Shocking Twist Reveals Wealth Growth, Jail or No Jail

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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