Blockbuster weeks have been experienced by the bitcoin and cryptocurrency markets. The pivotal moments of the previous week were the US Federal Reserve’s interest rate decision and BlackRock’s offer for a spot Bitcoin ETF.
There could be a number of significant occurrences in the upcoming week. The week will see a slight improvement in macro statistics, but the report from Fed Chairman Jerome Powell will be crucial. On Wednesday, June 21 and Thursday, June 22, testimony will be presented before the US Senate and House of Representatives.
Powell will be questioned by Democratic and Republican legislators on both days at 10:00 EST. The recent monetary and interest rate policy decisions made by the Fed will be the subject of questions. The stock market traditionally pays close attention to Powell’s actions in the Senate and the House of Representatives.
It can befuddle Powell and lead to some intriguing pronouncements when US lawmakers frequently criticize and ask questions about matters like corporate lending, the US housing market, inflation, banking troubles, and future economic dangers in the US. Investors could anticipate higher volatility in the stock market, as well as in the markets for bitcoin and other cryptocurrencies, during the hearings.
The US Purchasing Managers’ Index (PMI) for the services sector will be issued on Friday, June 23, at 9:45 a.m. ET, providing the most recent macroeconomic data this week. Finally, May’s final figures came in at 54.9, which was again less than the experts’ predicted 54.1.
The services sector still outperforms the US industrial sector, despite a minor drop. We can only anticipate a negative effect on financial markets if the analysts’ estimate of 54.0 is much lower. Analysts interpret this as evidence of a slowdown in the US economy. A further drop in inflation in the upcoming months may become more likely if the forecast is met or exceeded.
This Week’s Bitcoin and Cryptocurrency Events
Events relating to cryptocurrencies, in addition to the Fed and economic data, may have a significant impact on prices in the upcoming week. Therefore, additional good news regarding the US Securities and Exchange Commission (SEC) lawsuit against the Binance and Coinbase crypto exchanges could offer prospective advantages.
Additionally, Judge Analissa Torres’ ruling in the legal dispute between Ripple Labs and the SEC might be announced at any time. In particular, if the judgement makes any comments on secondary market crypto asset transactions like XRP, Ripple’s triumph might have profound effects for the whole crypto market.
Not to mention, a special focus will be placed on the most popular cryptocurrency, Bitcoin. After BlackRock submitted an application for a spot ETF, there are whispers that Fidelity may follow suit and submit an application for a spot ETF in the same vein.
For Bitcoin to once again move over the 200-week moving average (MA), this bullish news may be essential. Analysts at Rekt Capital note:
Straightaway, #BTC soared to the 200-week moving average. BTC will receive a two-step breakout confirmation when the MA is converted into fresh resistance. This would have most likely come before more drawbacks.