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3 Things That Could Further Influence Crypto Markets in The Week Ahead
As we enter a new week, it’s essential to keep a close eye on potential market-moving events. In this article, we will explore three key factors that could further influence crypto markets in the coming days.
Firstly, Donald Trump’s inauguration on January 20th may not have a significant impact on cryptocurrency prices immediately, as investors might have already factored in this event. However, his signing of executive orders could lead to increased market volatility. The recent surge and subsequent drop of Trump’s memecoin (TRUMP) should serve as a reminder that even the most unexpected events can have a profound effect on the market.
Secondly, economic data releases are likely to be closely monitored by investors this week. This includes initial jobless claims reports on Thursday, followed by January’s S&P Global Manufacturing PMI and Services PMI preliminary readings on Friday. The purchasing manager’s index data serves as a leading indicator of changing conditions in the wider economy. Furthermore, existing home sales data, January’s Michigan Consumer Sentiment Index, and inflation expectations will also be released on Friday.
Lastly, the European Central Bank meeting on Thursday may provide crucial insights into potential rate cuts in 2025. Any hints at such a move could have significant implications for global markets, including the cryptocurrency space.
In conclusion, these three factors hold immense importance for crypto market participants this week.
Source: cryptopotato.com
