The digital currency ecosystem has awakened with new growth potential.The expected positive economic data scheduled for release this week is to some extent enhancing market sentiment
- The digital currency ecosystem has awakened with new growth potential.
- The expected positive economic data scheduled for release this week is to some extent enhancing market sentiment.
It is suggested that investors should pay close attention to some economic and financial data that had an impact on transactions last week, especially after the U.S. Securities and Exchange Commission (SEC) took law enforcement actions against Coinbase and Coinbase, which led to a sharp fall in the price of Cryptocurrency. Bitcoin (BTC) and other Cryptocurrency have been hit by these digital asset service providers.
The price of the largest crypto by market value plummeted to $25400. So far, it has been revised to a new multi month low of $24750 last week.
The token has faced several liquidation actions, threatening its K-line trend to mark $25000, but it remains resilient and is gradually recovering. At the same time, news about BlackRock's application for spot bitcoin exchange traded funds (ETFs) played a role in pushing Cryptocurrency higher. Currently, the transaction price of BTC is $26429.81.
Economic data triggered Cryptocurrency market reaction
The first economic data that may affect the new trading week is that it will welcome new data from the US real estate market. In addition, preliminary data on construction permits in the United States for May is scheduled to be released on Tuesday.
It is worth noting that the number of licenses granted is an indicator of the health of the US housing market. Analysts have predicted a slight increase from 1.417 million in April to 1.435 million in May.
Jerome Powell, chairman of the Federal Reserve Board of Governors, will hold a US monetary policy hearing in the Senate and the House of Representatives on Wednesday and Thursday to answer questions from politicians.
The hearing is held annually and typically involves an evaluation of the economic and financial policies of the Federal Reserve Bank (Fed). These politicians from both Democrats and Republicans hope that all actions taken by the Federal Reserve last year have specific reasons.
Any unclear statement by Powell will trigger a stock market reaction. Any significant price change in the U.S. Dollar Index (DXY) and the US stock market will be translated into the reaction of BTC price and other Cryptocurrency prices.
On the second day of the Powell hearing, the current sales data of existing properties in the US real estate market will also be released. The work week will end on Friday, when the purchasing managers' index for the US service industry will be released. All of these economic data may affect the prices of BTC and other tokens this week.
In addition, at the request of American District Judge Amy Berman Jackson, the SEC decided to reach a settlement with Coin Security to avoid asset freeze, which stimulated the recovery of the extensive Cryptocurrency market.
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