The majority of tokens remained flat during the past weekend, exhibiting less price variation
The drop in volatility suggests the price may undergo massive price action as the bulls await the right opportunity to enter, which is approaching very soon
As expected, the weekend trade failed to generate curiosity among the market participants as the prices of the majority of the tokens remained unchanged. After the recent drop, the traders, rather than being uncertain about their future prospects, are waiting for the right opportunity to jump in. Hence, this has compelled the Bitcoin price and most altcoins to remain under misty clouds.
Nowadays, the BTC price has become highly dependent on external factors. The rise in the value of Bitcoin directly impacts the entire crypto space, and hence, the upcoming events are believed to have more significant repercussions on the markets. From a wider perspective, the upcoming week may be seen as a positive week not only for the crypto space but also for the macroeconomic landscape.
Moreover, Gold and DXY may also witness a big move in the markets.
So what are these big events?
A popular analyst, Michael van de Poppe, lists these events for the U.S. dollar and yields, as well as their impact on the crypto space.
- Consumer Confidence & Job openings on Tuesday
- ADP Non-Farm Employment Change & Prelim GDP on Wednesday
- Core PCE (Key for FOMC) and Unemployment claims on Thursday
- Unemployment Rate & PMI on Friday
As per the analyst, these events are going to have a big impact on the USD, while the liquidity flow is expected to flow into gold, the indices, and most likely into Bitcoin. If, in this case, the unemployment rate comes out to be lower, PCE higher, Confidence higher, and PMI higher, this may push the DXY higher, raising the expectation for a ‘higher for longer interest rate policy.
Currently, the markets appear to be positive on further hikes in interest rates, and hence any positive surprise on the downside will have an impact on the markets as well. Besides, if unemployment rates rise, PCE gets lower, confidence drops, and PMI plunges, it may flash risks on assets, DXY, & yields, which may be followed by a significant sell-off. This may further push Gold and, in turn, the BTC price.
What’s going on within the crypto space?
Considering the Grayscale vs. SEC news, the question arises whether GBTC can become an ETF, which is most likely going to be cleared in the coming week with the deadlines fast approaching. Secondly, the Spot ETF first deadlines for Blackrock and more ETF propositions are expected to roll out on September 1, 2023.
The analyst here expects a delay in the approval of the ETF, with no specific news on Grayscale. But if any positive news is rolled out and Grayscale wins, a fresh bullish wave may be triggered in no time.
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