The Crypto Market Will Go Through a Week with Crucial Economic Events

The Crypto Market Will Go Through a Week with Crucial Economic Events
Table of Contents

TL;DR

  • This week will be crucial for the crypto market in the United States. New economic data and legislative debates could shape its direction.
  • On Wednesday, the Senate will debate the legal classification of tokens like XRP and discuss a bill aimed at setting clear regulatory criteria.
  • On Thursday, weekly unemployment claims will be released, with results that could influence expectations around interest rate cuts.

The crypto market faces a decisive week in the United States, combining macroeconomic data and legislative discussions that could determine its short- and medium-term path. In the coming days, consumer figures, Federal Reserve minutes, and congressional hearings on digital asset regulation and taxation will be published.

Day-to-Day for the Crypto Market

On Tuesday, consumer credit data will be released, providing insight into household confidence levels. If the report indicates caution, Bitcoin could become a reliable alternative refuge. Conversely, a strong reading might boost the dollar and reduce risk appetite for crypto assets.

Bitcoin BTC Crypto market

On Wednesday, the minutes from the Federal Open Market Committee’s May meeting will be published. Investors will look for clues about potential shifts in monetary policy, amid inflation remaining above the Fed’s 2% target. A hawkish tone could pressure more volatile assets, while signals of flexibility might encourage investors to re-enter the crypto market.

That same day, the U.S. Senate will debate the legal classification of tokens like XRP in a hearing addressing which cryptocurrencies should be considered securities and which commodities. The session will also cover a bill aiming to establish clear regulatory standards for cryptocurrencies. Executives from Ripple, Chainalysis, Paradigm, and the Blockchain Association will testify. The hearing’s outcome could pave the way for future exchange-traded funds based on various altcoins.

Bitcoin united states

Postponement of the New Tax Framework Debate

A hearing in the House of Representatives planned to discuss a modern tax framework for crypto assets, intended to boost the country’s competitiveness in this industry, was postponed and has not yet been rescheduled.

On Thursday, weekly unemployment claims data will be published. If claims rise, expectations for a rate cut would strengthen, which could benefit Bitcoin. If claims fall, the dollar could gain strength and cryptocurrencies might lose ground.

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Next week, Congress will vote on three bills related to the crypto industry, which could mark a turning point for U.S. regulation. For now, the market awaits the outcome and impact of these critical days

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