Investors Await Major U.S. Reports as Bitcoin Supasses $45,000
Crypto and mainstream investors focus on key US economic reports this week, watching Bitcoin's rise and eyeing Fed's policy moves.
The Crypto Market and other mainstream Investors are studying the US labor market trends and the Federal Reserve's recent policy meeting this week.
One of the anticipated reports is the December ISM Manufacturing PMI report, which will be released on Wednesday. This report, by the Institute for Supply Management, is an indicator studied by investors to understand the overall US economy, it shows the health of the US manufacturing sector.
Investors also anticipate reports from the Federal Open Market Committee (FOMC) meeting, The minutes from this meeting in December will be out on January 3. The minutes from the FOMC meeting are important as they provide insights into the Fed's decisions and plans.
This week, Investors are looking for signs of the central bank's shift towards more relaxed monetary policies, including when interest rates might be reduced.
On January 5, the December ISM Services PMI report will be released. This report is crucial as it represents about 80% of the US GDP and helps predict GDP growth and inflation.
The US Bureau of Labor Statistics is also a major news that could impact the financial markets, they will publish job and unemployment reports on Friday. This report indicates a rise or drop in the US unemployment rate, indicating the health of the US economy.
Amid anticipation of these reports, crypto investors are excited about the approval of a Bitcoin ETF early this year. The total market value hit $1.82 trillion, the highest in 20 months. Bitcoin's price soared 7.5% to $45,500, its peak since March 2022. Ethereum also rose 5% to $2,389. Top-performing cryptocurrencies include Solana (SOL), Cardano (ADA), Avalanche (AVAX), and Polkadot (DOT), each gaining over 6%.
