Important Economic Events to Monitor in Crypto News This Week

Bitcoin is currently struggling to break through the $43,000 resistance level, and this recent dip in price can be attributed to the Federal Reserve’s stance on interest rates. Altcoins are also facing their own set of challenges, but the focus now shifts to significant economic data releases in the United States, starting on February 5. These upcoming releases, as highlighted by The Kobeissi Letter, include S&P Services PMI data, ISM Non-Manufacturing PMI data, and Initial Jobless Claims data on Thursday. Additionally, several members of the Federal Reserve will be speaking throughout the week, providing further insights into the central bank’s thinking and potential future policies. The market is eagerly awaiting the aftermath of Jerome Powell’s statement, in which he indicated that a rate cut in March is unlikely. Treasury Secretary Janet Yellen will also testify on Thursday, sharing the annual report on US financial stability. In terms of the crypto market, major altcoins are experiencing minimal movement, and the overall market cap has dropped by 1.3% to $1.7 trillion. Bitcoin is struggling at $42,437, while Ethereum has slightly slipped to $2,296.92 but has seen a significant increase in trade volume. Other altcoins like XRP, Solana, and Cardano have experienced fluctuations without any major impact. With fewer major economic reports this week, investors are now focusing on earnings updates from key industries such as retail, food, automotive, entertainment, and pharmaceuticals. These updates will provide valuable insights into the performance of these crucial sectors. As Bitcoin faces its current challenge, the broader market remains on alert, closely monitoring the unfolding economic events that could shape the weeks ahead.