On April 1, the macroeconomics journal Kobeissi Letter announced the major events of this week's busy economic calendar in the United States.
As crypto markets brace for another data-heavy week, Bitcoin approaches an all-time high resistance line that could see a return to volatility.
A key job market report is expected to be released on Friday, and Fed Chairman Jerome Powell is scheduled to speak on Wednesday.
economic calendar
The ISM Manufacturing PMI for March will be released on Monday, April 1st. This Institute for Supply Management report shows the state of the U.S. manufacturing industry, and although it is not directly related to virtual currencies, it is an important indicator of the overall economic situation.
A similar ISM Services PMI report is expected to be released on Wednesday. This data focuses on the US service sector, which accounts for more than 70% of GDP.
On Friday, a major jobs report will be released, revealing the number of new jobs created in the past month and the percentage of people actively seeking employment during that period.
Central bank policymakers closely monitor these reports and numbers, as they are strongly linked to the overall health of the economy.
Market participants will be watching Fed Chairman Jerome Powell's speech on Wednesday for any hints about interest rate policy.
In addition, there are 16 Fed speeches scheduled this week, where the possibility of a policy shift is attracting attention.
On March 20, the U.S. central bank kept interest rates unchanged at 5.5%, a move that was widely expected but caused significant market volatility.
Virtual currency market outlook
In Monday morning's Asian trading session, the market capitalization of cryptocurrencies fell by 1% on the day to $2.76 trillion. We are very close to the 2024 peak on March 13th, and as we enter the halving month, momentum will return.
Bitcoin briefly peaked above $71,000 in late Sunday trading, but has since fallen to below $69,000. Nevertheless, the stock has recovered somewhat and is now nearing $70,000.
Ethereum had a similar weekend and is currently sitting at $3,550. On Monday morning this week, altcoins were generally on the rise, with Solana, Dogecoin, Toncoin, and Bitcoin Cash seeing the biggest gains.
