This week holds significant economic events in the United States that may impact the crypto markets. Recent economic reports suggest that the US economy, despite predictions of sufficient resilience, has not been performing well, with the Purchasing Managers’ Index (PMI) hitting its lowest level in the past two years. This week, Gross Domestic Product (GDP) and Personal Consumption Expenditures (PCE) data will be released, which could further pressure the markets. Kobeissi magazine notes that PCE inflation is a crucial puzzle piece, especially considering the rise in the Consumer Price Index (CPI) and Producer Price Index (PPI). Additionally, Consumer Confidence data will be released on Wednesday, and New Home Sales data on Thursday. The most crucial event on Friday will be the release of the fourth-quarter GDP data, where economists expect the initial estimate of 2.3% growth to be confirmed. On Saturday, the PCE report for January, considered the most important inflation indicator for the Federal Reserve, will be published. Higher-than-expected figures may lead to a negative impact on interest rate reduction by the Federal Reserve, while lower-than-expected figures may prompt the Federal Reserve to support interest rate cuts. Moreover, on Thursday, a Senate Banking Committee session titled ‘Examining Bilateral Legal Frameworks for Digital Assets’ will be held, which could be beneficial for crypto markets. Nvidia will also release its income report on Thursday, potentially affecting AI-related assets. This week will also see income reports from crypto mining companies like Riot, Marathon, and Bitdeer. Visit the digital currency price page to monitor the live prices of all tokens and cryptocurrencies.
