Crypto Market Braces for Volatility as US Data Releases Approach
The US economy is set for a busy week of data releases that could impact the cryptocurrency market. The Federal Reserve's preferred inflation measure, PCE, will be released on Wednesday, followed by GDP growth data and jobless claims. Additionally, Fed Chair Kevin Warsh will speak at the Jackson Hole symposium, which could provide insight into the central bank's views on inflation and rate hikes.
The cryptocurrency market has been closely tied to traditional macroeconomic data in recent years, with institutional investors increasingly considering these factors when making portfolio decisions. As a result, sharp price swings are possible this week as traders react to the data releases.
Bitcoin is trading near $77,020 after its biggest weekly candle since 2023, while Ethereum is up 2.7% in a day at around $2,444. XRP has cooled off to $1.48 after a sharp four-day run.