• This article discusses the macroeconomic events that are expected to leave a lasting impact on both equity and cryptocurrency markets.
• These events include the Federal Open Market Committee meeting, job vacancy data, unemployment figures and Institute of Supply Management report.
• Bitcoin’s technical indicators suggest potential consolidation or gradual decline in its price before revisiting the $25,000 level.
Macroeconomic Events Impacting Equity & Cryptocurrency Markets
The financial world finds itself at the crossroads of several pivotal economic events that are expected to leave a lasting impact on both equity and cryptocurrency markets. These events include the Federal Open Market Committee (FOMC) meeting, job vacancy data from U.S. Bureau of Labor Statistics, unemployment figures and Institute of Supply Management report.
Bitcoin Technical Indicators
Bitcoin has struggled to surpass the $30,000 mark due to exhaustion after its strong performance during early 2021. Its technical indicators suggest potential consolidation or a gradual decline with possibility of revisiting the $25,000 level.
FOMC Meeting & Job Data
The FOMC is set to meet Tuesday and Wednesday to determine direction for interest rates while U.S Bureau of Labor Statistics will release job vacancies data followed by latest unemployment figures which may have positive implications if labor market is strong but Fed could implement additional rate hikes to moderate economic activity which may not be well-received by markets participants.
ƒThe Institute of Supply Management will also release data on U.S manufacturing activity this week which could play an important role in setting tone for financial market sentiment for month of May.
Best Cryptos To Buy Now
Amid this backdrop, AiDoge, Cronos, LoveHateInu, Render, ecoterra Internet Computer DeeLance and Swords of Blood are some of the best cryptos to buy now according to experts