Claim $500Crypto & Bitcoin’s Big Week: Must-Know Events This Week, Powell’s Rate Cut Caution
Highlights
- Fed Chair Jerome Powell cautious about interest rate cuts in March
- El Salvador and China's market events raise speculations of a potential Bitcoin rally
- Six Fed officials to speak about rate cuts and economy outlook this week
- Invesco Galaxy spot Ether ETF decision by the U.S. SEC is due on February 6
- Polygon and Horizen upgrade happening soon for stability
US Federal Reserve (Fed) Chair Jerome Powell in the 60 Minutes interview further confirmed that the central bank is more cautious about rate cuts, especially after the recent economic data. He said the US economy remains strong and the FOMC wants to see more evidence of inflation moving down to 2%, denying the theory that the Fed rate cuts to happen after reaching the 2% target. Crypto and Bitcoin traders seek cues from Fed rate cuts to pour money back into the crypto market.
Key Events for Crypto and Bitcoin Investors
This week is going to be crucial for crypto market and investors as several key crypto-related and macro events are outlined for the week.
Pro-Bitcoin candidate Nayib Bukele wins re-election as President of El Salvador, indicating a further commitment to Bitcoin, especially BTC accumulation and the Bitcoin-based Freedom Visa and Citizen program.
Meanwhile, the People’s Bank of China cutting the reserve ratio requirements (RRR) for banks by 50 bps took effect today. China‘s CSI 1000 index fell 8% in a matter of hours, causing a trading halt for 30% of stocks on the exchange. This comes amid stimulus measures, short selling ban, and other market stability policies by China.
There are several macro events from the U.S. including S&P Services PMI data on Monday, ISM Non-Manufacturing PMI data on Tuesday, 10-Year Treasury Note auction on Wednesday, and Initial Jobless Claims on Thursday. In addition, 20% of S&P 500 companies report earnings this week, volatility could be on the peak as markets hit higher.
The most important event traders will watch out for cues is Fed officials’ speech. FOMC members Raphael Bostic, Loretta Mester, Adriana Kugler, Thomas Barkin, and Michelle Bowman’s speeches are scheduled for this week. Federal Reserve Bank of Chicago President Austan Goolsbee and Bowman have already pushed back against rate cut expectations in May or June.
Other Events
The U.S. Securities and Exchange Commission’s (SEC) decision on Invesco Galaxy spot Ether ETF is due on February 6. It will be watched closely as the market experts including Standard Chartered and Bloomberg ETF analyst Eric Balchunas expect Ether ETF approval in May.
Polygon (MATIC) Etrog upgrade on Tuesday and Horizen (ZEN) mainnet upgrade on Wednesday are also major crypto events this week.
Hong Kong Securities and Futures Commission (SFC) is likely to decide on spot Bitcoin ETF application by Harvest Hong Kong on February 9. The Spot Bitcoin ETF launch is expected after Chinese New Year on February 10.
Bitcoin Price Action
Bitcoin price is trading strongly above $43,000 level despite the recent increase in US dollar and Treasury yields. The price is currently trading at $43,157, reversing 2% to the local resistance level. The 24-hour low and high are $42,264 and $43,204, respectively.
Furthermore, the trading volume has increased by 20% in the last 24 hours, indicating a rise in interest among traders. Analysts predict a pre-Bitcoin halving rally start in February.
Also Read:
- South Korea’s Regulator To Confer Spot Bitcoin ETF With US SEC’s Gary Gensler
- Jupiter (JUP) Price Fluxes Amid LFG Launchpool Optimism, What’s Next?
- Is Dogecoin Price Poised For Extreme Volatility Amid Dip Below $0.079?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Michael Saylor’s “Green Dots” Message Hints At Fresh Bitcoin Buying As BTC Faces $90K Wall
- Fed’s Hammack Signals No Rush to Cut Rates as January Hold Odds Near 80%
- XRP ETFs Reach $1.21B as Asset Managers See a ‘Third Path’ Beyond Bitcoin
- Nearly $50M in USDT Stolen After Address Poisoning Scam Targets Crypto Trader Wallet
- Breaking: Rep. Max Miller Unveils Crypto Tax Bill, Includes De Minimis Rules for Stablecoins
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
