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A Pivotal Week for Bitcoin and the Crypto Market in 2023, Key Events to Watch
2 min readMay 1, 2023
As the cryptocurrency market braces itself for a potentially significant week, market participants eagerly await the Federal Open Market Committee (FOMC) meeting on Wednesday, along with a series of essential macroeconomic data releases. Compounding the anticipation is the ongoing uncertainty surrounding First Republic Bank.
Bitcoin’s price is once again at a critical crossroads. After reaching $29,975 on Sunday, the digital currency faced a sell-off that pushed its value towards $28,500. Despite the downward pressure, BTC still managed to register its fourth consecutive green monthly candle.
Key events to watch this week include:
- Tuesday, May 2, 10:00 am EST: The JOLT Job Openings report will be published by the U.S. Bureau of Labor Statistics. The number of job openings fell below 10 million in March, and a total of 9.93 million jobs were available as of April 4. With forecasts pointing to a further slowdown in the U.S. labor market, better-than-expected results could positively impact US equities and the cryptocurrency market.
- Wednesday, May 3, 2:00 pm EST: The US Federal Reserve (Fed) interest rate decision will be announced. CME FedWatch tool data indicates that an 84.5% chance of another 25 basis point rate…
