Bitcoin Outlook Hinges on Fed Minutes, Japan GDP Report
The global cryptocurrency market cap has seen a slight increase of approximately 0.7% over the past 24 hours, now standing at $2.239 trillion.
Bitcoin, the largest cryptocurrency, is trading around $63,551.
This week's key economic events could have significant implications for BTC.
On Monday, Japan will release its Q2 GDP report, which may provide insight into the strength of the Japanese economy and influence expectations for the Bank of Japan to raise rates.
Additionally, U.S. Treasury flows data will be released, showing whether Japan reduced its large holdings of U.S. government debt in June.
On Wednesday, the Federal Reserve will release the FOMC minutes from its latest meeting, which may change expectations for a September rate hike.
Meanwhile, a White House crypto meeting is expected to bring together President Donald Trump, SEC and CFTC leaders, and executives from Coinbase, Ripple, and Kalshi.
Thursday's CFTC Innovation Advisory Committee meeting will focus on crypto and prediction markets, potentially offering clues about how U.S. regulators plan to handle these topics.
The week ends with U.S. Flash PMI data, providing an early look at business activity in August.