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We are entering a significant week with economic uncertainties and high volatility in the Bitcoin Market. In addition, investors closely monitored many developments this week along with the speeches of FED officials.
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Important Developments in the Bitcoin Market
The Personal Consumption Expenditures (PCE) index and GDP will be determined and some economic indicators will be set.
Atlanta Fed Chair Raphael Bostic and Fed Chair Chris Waller will speak.
The January Producer Price Index (PPI) and Consumer Price Index (CPI) data showed inflation increases. This could pose a serious problem.
As it is known, the Bitcoin Market had reacted after the announcement of this data.
Moreover, according to analysts, FED interest rate reduction expectations have changed. They are revising their estimates. For example, Goldman Sachs’ expectation is for the Central Bank to make a gradual rate cut.
In conclusion, Goldman Sachs expects four interest rate cuts within five years.
Moreover, the reason why FED will make the interest decision in June instead of March is the desire to collect more economic data.
According to the CME FedWatch Tool, interest rates will remain unchanged with a 96% probability. This will affect the Bitcoin Market and the overall financial markets.
In all these economic uncertainties, the Bitcoin Market reacted positively with ETFs and Halving. Greed dominates the market in the Fear and Greed Index. In addition, it is clear that there is an influx of money into ETFs by Wall Street as the prices of BTC and ETH rise.
In conclusion, investors need to be cautious this week as important economic data in the market will be in the foreground. This period of uncertainty could change market balances.
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