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This week has some key bitcoin and crypto market economic data and events for traders and investors to keep an eye on. Last week, Bitcoin hit a fresh annual high of $28,921 before Federal Reserve (FED) Chairman Jerome Powell halted the rally with his comments during the FOMC press conference.
This will be important for Bitcoin this week
This week, in addition to some important economic data, the focus will once again be on the US banking system. Background: The banking sector is still under pressure in both the US and Europe (after the Credit Suisse bailout).
For example, the Fed reported last week that US banks borrowed $475 billion after the banking crisis. In the two weeks since the collapse of the SVB, more than $500 billion was also withdrawn from small banks.
The Fed reported that US banks borrowed $475 billion last week as the banking crisis continued.
Meanwhile, over $500 billion was withdrawn from small banks in the TWO WEEKS since SVB collapsed.
We did some research and the numbers are scary (short thread):
— Kobeissi Letter (@KobeissiLetter) March 25, 2023
Above all, small regional US banks are still suffering from the crisis, while the big banks seem to be the winners of the banking crisis. According to the Wall Street Journal, nearly 200 banks are still struggling with the same problems as Silicon Valley Bank (SVB).
In the second week of March, deposits in small banks fell by $119 billion
Deposits at major banks increased by $67 billion in the same week pic.twitter.com/NKxR5p9xsD
— Genevieve Roch-Decter, CFA (@GRDecter) March 26, 2023
At the moment there is no solution in sight. Last week Treasury Secretary Yellen said that the US would consider protecting all deposits. A day later, she revised her statement and said the government was no longer considering it.
With this in mind, the many speeches from Fed officials this week could be interesting and should be followed closely by traders. The US Senate Banking Committee hearing on the collapse of Silicon Valley banks with FDIC Chairman Gruenberg, Regulatory Agency Vice Chairman Michael S. Barr and Treasury Department officials on Tuesday, March 28 is of particular note.
Economic data that could move bitcoin and crypto
On Tuesday, March 28, at 10:00 am EST, the Conference Board (CB) will release the March Consumer Confidence numbers for the United States. The reading came in at 102.9 in February, well below expectations of 108.5. It is down for the second month in a row.
For the month of March, the market experts expect a further decrease to 101.0. If the forecast is exceeded, the US Dollar Index (DXY) is likely to continue its upward trend from the previous week. This could serve as an initial momentum for the price of Bitcoin. A steeper fall, on the other hand, is likely to weaken the DXY and favor cryptocurrencies.
The final US Gross Domestic Product (GDP) figures for the fourth quarter of 2022 will be released on Thursday, March 30, 2023 at 8:30 am EST. The forecasts assume an economic growth of 2.7%.
If the figure is confirmed or even better than expected, it could bode well for the resilience of the US economy and ease fears of a recession. The reaction in both traditional financial markets and the bitcoin market is likely to be positive.
Additionally, on Friday, March 31 at 8:30 am EST, the Bureau of Economic Analysis will release the US core PCE for February. This data point is expected to be the most important for the entire week as it represents Jerome Powell’s preferred inflation measure.
An increase of +0.4% compared to the previous month is expected. In the previous month, the PCE price index had already exceeded market forecasts by +0.6%. As a result, there was a downward movement in the financial markets. However, if the core inflation rate is raised less sharply, the bitcoin price is likely to rise in response.
At press time, bitcoin was trading at $27,832.
Should you buy Bitcoin now?
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Text credit: Bitcoinist
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