After the New Year's holiday on Monday, the financial and economic wheels in the United States are starting to turn again. In a short week in the economic calendar, the minutes of the Federal Reserve's December meeting will be released, which could impact the price of Bitcoin.
The macroeconomic magazine The Kobeissi Letter listed the most important economic events for the United States for the week beginning January 2 after the New Year holiday.
This week's economic calendar
This week, investors' attention will focus on the release of reports on U.S. labor market trends and the latest minutes of the Fed's policy meeting.
The ISM manufacturing PMI report for December will be released on Wednesday. This is published by the Institute for Supply Management to reflect business conditions in the U.S. manufacturing sector and is an important indicator of overall economic conditions.
Minutes from the December Federal Open Market Committee (FOMC) meeting will be released on January 3rd. These are often market-moving events because they can provide insight into Fed decision-making and future policies.
This week, investors will await confirmation of the central bank's pivot to easing monetary policy. They will also be looking for clues on the timing of expected rate cuts.
Read more: 7 must-have cryptocurrencies for your portfolio before the next bull run
On January 5, the ISM Services PMI report for December will be released. This reflects business conditions in the US service sector, which accounts for almost 80% of its GDP. The numbers are forward-looking indicators that provide insight into the factors affecting GDP growth and inflation.
The U.S. Bureau of Labor Statistics will also release wage and unemployment reports on Friday.
These provide information about the number of new jobs created in the previous month and the percentage of people who were actively looking for work in the previous month.
They are also key economic indicators and sentiment indicators of the overall health of the US economy, which is on the upswing.
BTC market outlook
Bitcoin ETF fever is still rife in the crypto markets. As a result, total market capitalization in Asia reached $1.82 trillion on Tuesday morning, its highest level in 20 months.
Bitcoin is leading these gains with a price increase of 7.5% on the day, reaching an intraday high of $45,500. This is the highest the asset has traded at since March 2022, two months before the Terra/Luna collapse.
BTC/USD 24 hours. Source: BeInCrypto
Ethereum is also up 5% at the time of writing, reaching $2,389, and many altcoins are seeing even larger upsides.
The best performing altcoins this Tuesday morning include Solana (SOL), Cardano (ADA), Avalanche (AVAX) and Polkadot (DOT), all of which gained more than 6% on the day.
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