Is Bitcoin About to Experience Volatility? Keep an Eye on These 3 Key Factors this Week
The upcoming week holds significant importance for the month of September as several major developments are set to unfold in the coming days. From inflation rates to interest rate decisions, it’s crucial to closely monitor the following three factors to gain insight into the potential volatility of Bitcoin.
Monday: SEC vs. Binance Hearing
A crucial hearing is scheduled today between the United States Securities and Exchange Commission (SEC) and Binance. The SEC has alleged that Binance failed to provide sufficient documentation for the case and submitted “unintelligible” screenshots. Both parties have filed a joint protective order to designate sensitive information as confidential. The focus of today’s hearing will be on this protective order.
Tuesday: EU Inflation Data Release
Inflation data has a significant influence on Bitcoin’s price. The US Bureau of Labor Statistics recently published its updated Consumer Price Index (CPI) numbers. On Tuesday, the European Union is set to release its inflation data, including the Inflation Rate YoY Final, Inflation Rate MoM Final, CPI Final, and Core Inflation Rate YoY Final. These numbers can provide valuable insights regarding inflation trends.
Wednesday: US Federal Reserve Interest Rate Decision
Wednesday brings two events that will impact global markets, including cryptocurrencies. The US Federal Reserve will announce its decision on interest rates, followed by a press conference with Chairman Jerome Powell. The timing for these events is as follows:
- Fed interest rate decision at 2:00 PM ET
- Fed Chair Jerome Powell press conference at 2:30 PM ET
It’s important to closely monitor these events as they can have a significant impact on Bitcoin’s price and market sentiment.
Friday: Proposal Deadline for FTX Exchange Relaunch
While Friday’s deadline for proposals regarding the relaunch of the failed FTX exchange may not have an immediate impact on the market, it’s still worth keeping an eye on. The outcome of this deadline could provide valuable insights into potential developments within the cryptocurrency exchange sector.
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Stay informed and be prepared for potential volatility in the Bitcoin market based on these critical events happening this week. Remember to always conduct thorough research and analysis before making any investment decisions.
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