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As with every Sunday, we discuss the upcoming important developments on the last Sunday of the year, December 31, 2023. Throughout the year, we have warned investors about the days of volatility every Sunday. The next two weeks will host perhaps the most critical developments of the year. Therefore, investors need to wake up prepared on the morning of January 1, right after the holiday.
Important Developments from January 1-7
Bitcoin price was at the level of $42,200 at the time of writing, and the market is preparing for a huge wave of volatility with the massive decline in open positions. Those who believed that the news of the ETF approval would be a sell-the-news event have already made their profit sales. Therefore, the rallies in altcoins have slowed down. So, what exactly awaits the markets with day and hour details?
January 1, Monday
- New Year’s Holiday
- Bounce (AUCTION) 2024 Roadmap
- OP Unlocking ($1.23 Million)
- DYDX Unlocking ($100 Million)
January 2, Tuesday
- 17:45 US Manufacturing PMI (Expectation: 48.2 Previous: 49.4)
January 3, Wednesday
- 10:00 Turkey Inflation (Expectation: 65.10% Previous: 61.98%)
- 18:00 US JOLTS (Expectation: 8,000M Previous: 8,733M)
- 22:00 Fed Minutes
- Reuters sources claim that the notification for the Spot Bitcoin ETF could come on Tuesday/Wednesday.
- Axie Infinity, Origins Update
- SUI Unlocking ($27.95 Million)
January 4, Thursday
- 16:15 US ADP (Expectation: 100K Previous: 103K)
- 16:30 US Unemployment Claims (Previous: 218K)
- 17:45 US Services PMI (Expectation: 51.3 Previous: 50.8)
January 5, Friday
- 13:00 Eurozone Inflation (Expectation: 3.4% Previous: 3.6%)
- 16:30 US Average Hourly Earnings (Expectation: 0.3% Previous: 0.4%)
- 16:30 US Non-Farm Employment (Expectation: 158K Previous: 199K)
- 16:30 US Unemployment Rate (Expectation: 3.8% Previous: 3.7%)
- GAL Unlocking ($6.97 Million)
What to Pay Attention To?
We must pay close attention to the employment data coming on Friday, as it will be a significant signal for how soon/late the Fed will make a rate cut. We saw a bit of a decline because the last data came in poorly. On Wednesday, we will look for signals in the Fed minutes for a turning point opposite to the one at the beginning of 2022.
The news of the Spot Bitcoin ETF approval will be the most critical development of the week.
