The post Crypto Market on Alert: FOMC Meeting and Key Events This Week appeared first on Coinpedia Fintech News
As you all know, every economic or crypto event can influence the crypto market. Important it is to stay up-to-date about on what to expect next in the market. Here is the list of major economic and crypto events to watch this week.
Key Economic Events This Week
Primarily, the Federal Reserve is expected to announce its 0.25 basis point rate cut on Wednesday, December 18.
Importantly, the US GDP Growth Rate QoQ Final index will be released on Thursday. In the first quarter, the index stood at 1.6%, surged to 3% in the second quarter, and slightly slipped to 2.8% in the previous quarter. The index is expected to remain unchanged this time.
The S&P Global US Services PMI index, which tracks variables such as prices, sales, inventories and employment, will be released today. It rose from 55 to 56.1 in November.
The US Retail Sales index, which evaluates the aggregate sales of retail goods and services during a specific period, will be released on Tuesday. The US Retail Sales YoY climbed to 2.8% from 2% in October, while the US Retail Sales MoM dropped to 0.4% from 0.8% in October.
The US States Existing Home Sales index will be released on Thursday. Existing Home Sales happen when the mortgages are closed. In the US, Mortgage closing usually occurs 30 to 60 days after the sales contract is closed. In September, it was at a 14-year low of 3.83 million. In October, it returned to 3.96 million.
On Friday, at least three important indexes are scheduled for release: the US Core PCE Price Index, US Personal Income, and the US Personal Spending index. In October, the US Core PCE Price MoM index remained unchanged at 0.3%. The US Personal Income MoM index rose from 0.3% to 0.6% in October, while the US Personal Spending MoM index fell from 0.6% to 0.4%.
Important Crypto Events This Week
Early this month, Sonic Labs announced that it would launch its Layer-1 blockchain Sonic. The launch is expected to take place this week. In the last seven days, the market has seen a growth of 10.2%. In the last 24-hours alone, it has expected a surge of over 15%.
Avalanche is preparing to launch one of the most significant upgrades in the history of this blockchain, Avalanche9000. The upgrade mainly aims to revamp how subnets work, introduce the concept of a monthly subscription free, and improve the interchain communication framework. The upgrade is expected to be launched today. The price of AVAX has grown by over 1.9% in the last 24 hours.
Stacks is planning to release sBTC, a new BTC-backed asset for DeFi tomorrow. In the last 24 hours, the price of Stacks has seen an astounding increase of 12.6%.
A post by a crypto expert, identified as DeFi investor on X, states that Cosmos is likely to make three major announcements this week, including the one related to the role of ATOM. The ATOM price has also surged by approximately 1.3% in the last 24 hours.
LayerZero, a protocol facilitating interoperability across different blockchains, is scheduled to organise an important vote on Thursday to implement its new fee switch mechanism. The proposal aims to enable LayerZero to impose a fee to verify and execute cross-chain messages. The price of ZRO has recorded a notable rise of 9.7% in the last seven days, and in the last 24 hours alone, it has reported an impressive surge of around 10.6%.
In conclusion, this week is packed with economic and crypto events that could significantly influence markets. From FOMC rate cuts to blockchain upgrades, keeping an eye on these developments is vital.