• This week, important economic data and events for the Bitcoin and crypto market will be released.
• Last week, US banks raised $475 billion in the wake of the banking crisis, with small regional banks continuing to suffer.
• Fed speeches this week and key economic data from the Conference Board could move Bitcoin and crypto markets.
Key Economic Data and Events for Bitcoin
The upcoming week once again holds important economic data and events for the Bitcoin and crypto market that traders should follow. Last week, Bitcoin hit a new yearly high of $28,921 before US Federal Reserve (Fed) chairman Jerome Powell wiped out the rally with his hawkish comments during the FOMC press conference.
US Banking System Under Pressure
The banking sector in the US and also in Europe (after the Credit Suisse bailout) remain under pressure. The Fed reported last week that US banks raised $475 billion in the wake of the banking crisis. In the two weeks since the SVB collapse, over $500 billion has also been withdrawn from small banks. Small, regional US banks in particular continue to suffer, while large banks being the winners of the banking crisis. According to the Wall Street Journal, nearly 200 banks are still struggling with the same problems as Silicon Valley Bank (SVB). In the second week of March, deposits at small banks fell $119 billion while deposits at large banks increased by $67 billion.
No Solution Yet
Meanwhile, there is still no solution. Last week, Treasury Secretary Yellen said that they were considering backing all deposits but later reversed her statement saying that it was no longer being considered. With this in mind, traders should pay attention to upcoming speeches by Fed officials as well as other key economic data this week which could move Bitcoin and crypto markets..
Economic Data That Could Move Markets
On Tuesday March 28th at 10am EST., The Conference Board (CB) will release its Consumer Confidence numbers for March which came in below expectations at 102.9 in February down for a second consecutive month .In addition , on Thursday March 30th at 8:30 am EST.,the Bureau of Labor Statistics will publish its weekly jobless claims report detailing unemployment figures across America . These reports could have an effect on both traditional financial markets as well as cryptocurrency markets .
This upcoming week’s economic data releases combined with any potential updates on US banking sector bailouts or government supported deposit schemes could cause fluctuations within both traditional financial markets as well as cryptocurrency markets . Therefore investors should keep track of these developments closely throughout this coming trading session .