"Don't panic everyone, but let's hope the crypto market this week brings joy to investors."
Some analysts who predicted the price of the cryptocurrency Bitcoin (BTC) will reach new highs were not achieved when the strengthening of the NFP data release last Friday changed the sentiment of investors who already believed the Federal Reserve (Fed) would take a hawkish stance.
As such, crypto investors will be keeping an eye on important events such as the Consumer Price Index (CPI) scheduled for June 12, 2024 plus there is the Producer Price Index (PPI) and Core CPI this week which can analyze inflation trends.
So here it can be seen that the data will provide more insight to crypto investors including the broader financial sector on how the Fed will deal with inflationary pressures.
There is no denying that the crypto market expects the Fed to keep interest rates unchanged during the Federal Open Market Committee (FOMC) meeting on June 13, 2024, but its statement could shed light on its possible future moves.
Not only that, the statement by Fed Chairman Jerome Powell will also play an important role in shaping the future performance of the crypto market which lately has seen increasingly volatile movements.
In addition to the monthly US Federal Budget that will be released on Wednesday this week, preliminary consumer sentiment details released on June 14, 2024 will also provide crypto market insights into the direction of the digital asset sector.
It should also be noted that confidence jumped significantly in the crypto market shortly after the European Central Bank (ECB) decided last week to cut interest rates by 25 basis points.
