As has been the case for some time, this Sunday morning we will discuss what awaits us in the cryptocurrency markets. There are significant developments. Especially as we are about to enter the ETF approval/denial week, major fluctuations are expected in cryptocurrencies. However, this week’s only key event is not the spot Bitcoin ETF decision. There is much more.
Significant Developments in Cryptocurrencies
The most important development that the cryptocurrency markets will face during the week of January 8-14 will be the Spot Bitcoin ETF decision. In addition to this, investors need to be cautious as fake decisions and leaks are expected to occupy the agenda until the ETF decision is announced. A second, larger Matrixport incident could occur in the coming hours.
January 8, Monday
- Potential spot Bitcoin ETF issuers are expected to complete their paperwork.
- 20:00 Fed/Bostic
January 9, Tuesday
- 20:00 Fed/Barr
- PancakeSwap (CAKE) Q1 2024 Roadmap
January 10, Wednesday
- 23:15 Fed/Williams
- SEC: Spot Bitcoin ETF Decisions (Final Decision Date for Ark&21Shares)
January 11, Thursday
- 16:30 US Core CPI (Expectation: 3.8%, Previous: 4%)
- 16:30 US CPI (Expectation: 3.2%, Previous: 3.1%)
- 16:30 Unemployment Insurance Claims (Expectation: 211K, Previous: 202K)
- SUI 2024 Plans (Twitter/X Space)
- GLMR Unlocking ($1.22 Million)
January 12, Friday
- 16:30 US Core PPI (Expectation: 1.9%, Previous: 2%)
- APT Coin Unlocking ($225 Million)
January 14, Sunday
- CYBER Unlocking ($9.33 Million)
Key Points to Watch in Crypto
The ETF decision and inflation data are the two key developments of the week. In the first half of the week, everyone will be talking about the ETF. In the second half, if a surprise figure is announced, inflation data could occupy the agenda. Developments on the macro front should not be neglected because the latest employment data released on Friday was quite bad. If the inflation data also comes in negative, optimism for the meeting at the end of the month could be completely undermined.
The markets are targeting a 150bp rate cut, while the Fed is aiming for 75bp. Depending on the upcoming data, we will see which of the two extremes the interest rates will approach. For now, we are getting closer to the light at the end of the tunnel regarding monetary tightening, and if there is no major reversal, reductions are expected to start in the second quarter.
