4 Important Economic Events This Week for the Crypto Market

Bitcoin has paused around $77,000 after a surge close to $80,000, with traders awaiting important economic data from the U.S. The Consumer Confidence Index and new home sales will be released on Tuesday, but the main focus is on events on Wednesday and Friday. On Wednesday, the Personal Consumption Expenditures (PCE) index and its core version for July will be published, with forecasts indicating a 3.2% annual growth in core inflation. Additionally, a revised version of the GDP report for the second quarter will be released, showing an initial growth estimate of 1.5%. On the same day, Nvidia will release its quarterly earnings report, and weak results or a cautious outlook could increase risk aversion in technology and cryptocurrency markets. On Friday, the Michigan Consumer Sentiment Index will be published, and Federal Reserve Chair Jerome Powell will speak for the first time at the annual Jackson Hole meeting. Investors will be looking for signs of the future direction of monetary policy. Higher-than-expected inflation or a hawkish stance from the Federal Reserve could intensify selling pressure on Bitcoin.

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