We might have left behind the most significant event of 2024, but many important developments will affect the markets throughout the year. The price performance of the king cryptocurrency will be determined by a chain of events, from macro-level happenings to specific steps within the crypto space. So, what are the events that will determine the direction of cryptocurrencies in the short term, namely the next 7 days?
Significant Developments in Cryptocurrencies
The shadow of the week of January 15-21 has fallen upon us, and after intense, sleepless days, the market is normalizing. Bitcoin‘s price remains below $43,000, and altcoins have returned the gains they made with the excitement of ETFs. So, what significant developments will affect cryptocurrencies in the coming days?
Monday, January 15
- US Holiday
- Fetch (FET) Mainnet Upgrade
Tuesday, January 16
- 19:00 Fed/Waller Speech
- MultiversX (EGLD) Sirius Activation
- FLOW Unlocking ($2.16 Million)
Wednesday, January 17
- 13:00 Eurozone CPI (Expectation: 2.9%, Previous: 2.4%)
- 16:30 US Core Retail Sales (Previous/Expectation: 0.2%)
- 16:30 US Retail Sales (Expectation: 0.4%, Previous: 0.3%)
- 17:00 Fed/Bowman Speech
- 22:00 Fed Beige Book
- 22:00 Fed Williams
- Ethereum Goerli Testnet Upgrade
- APE Unlocking ($22 Million)
Thursday, January 18
- 16:30 Unemployment Claims (Expectation: 204K, Previous: 202K)
- AXS Unlocking ($27.47 Million)
Friday, January 19
- 18:00 Michigan Expectations
Saturday, January 20
- 00:15 Fed Daly Speech
Sunday, January 21
- INJ Unlocking ($142 Million)
Will Cryptocurrencies Fall?
We are not entering an extremely busy week on the macro front. We will see comments from Fed members based on the latest data. Indeed, the comments received on Thursday and Friday were not overly negative, but after strong employment data, a slight increase in PPI and CPI could turn the tone a bit more hawkish. However, we should consider the beginning of the year and take into account the Christmas effect.
Under current conditions, paying attention to altcoins is important due to notable unlocking events, and volatility could increase. On the other hand, since the exchanges will be closed for the US on Monday and Mondays are famous for declines, caution is advised.
