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As usual, today we will discuss important developments that concern cryptocurrency investors. News flow is crucial in bear markets. Significant price movements occur after major events. It is possible to predict how certain developments will affect prices, and preparing for these events in advance can result in favorable outcomes for investors.
Key Developments of the Week
Last week, we saw the eagerly awaited decision of Grayscale. After a few delays, the court announced its decision on Tuesday. For the past two weeks, we have been saying that the decision could be announced on either Tuesday or Friday, and that it would trigger a significant price movement regardless. And it did, as the SEC suffered a clear defeat, causing the price of BTC to rise above $28,000. So what will happen in the coming days?
September 4, Monday
- US Labor Day Holiday
- 16:30 European Central Bank President Lagarde Speech
- CYBER-OpBNB Integration
- Baby Doge Coin (BABYDOGE) will announce a new AI project.
September 5, Tuesday
- 04:45 China Composite PMI (Previous: 51.3)
- 12:00 Eurozone PPI (Expectation: -7.8% Previous: -3.4%)
September 6, Wednesday
- 16:45 US Services PMI (Expectation: 51 Previous: 52.3)
- 16:45 US ISM PMI (Expectation: 52.5 Previous: 52.7)
- 21:00 US Fed Beige Book
- 22:00 Fed/Logan Speech
September 7, Thursday
- 12:00 Eurozone Gross Domestic Product (GDP) (YoY) (Expectation: 0.6% Previous: 1.1%)
- 15:30 US Initial Jobless Claims (Expectation: 235K Previous: 228K)
- 22:30-23:55 Fed/Williams and Bowman Speech
September 8, Friday
- 16:00 Fed/Barr Speech
September 9, Saturday
- 04:30 China Inflation (Expectation: 0.1% Previous: -0.3%)
- IMX Unlock (9.95 Million $)
How Will Cryptocurrencies Be Affected?
Let’s go day by day. On Monday, there may be some volatility specifically related to CYBER and BABYDOGE, but there won’t be anything significant on the macro front. If Lagarde makes clear statements about interest rates, there may be some movement by DXY. On Tuesday, the upcoming China data is important, as it has previously affected BTC and the overall market. Wednesday’s PMI data may cause volatility as it contains important signals about the current state of the US economy. Beige Book, which will be released in the evening, may also create volatility with surprise details.
The statements of Fed members on Thursday and Friday may cause some movement. Overall, we are entering a calm week. I mentioned this last in early June and saw it as one of the rare weeks where I could take a vacation. However, during the same week, SEC announced the Binance and Coinbase lawsuits one after another. So be prepared for surprises.
