Four Factors That May Influence Cryptocurrency Markets This Week
As the new year unfolds, several key economic events will shape the cryptocurrency markets amid tensions in Venezuela.
As we dive into the new year, numerous factors may drive changes in the cryptocurrency markets. Here are a few key points to watch for this week:
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Job Market Focus: Employment data will take center stage, with investors reacting to the latest developments in Venezuela.
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Military Operations: Recent events included a military operation in Venezuela that resulted in the capture of President Nicolás Maduro and his wife amid reports of explosions in Caracas. This could shake investor confidence.
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Economic Claims from the U.S.: Trump has asserted that the U.S. will control Venezuela’s oil industry—this claim has impacted energy prices and the resilience of crypto markets.
“Volatility continues to be the norm as macroeconomic headwinds shift swiftly,” stated the Kobeissi Letter.
Key Economic Events This Week:
- Monday: Market reactions to the Venezuela situation.
- Tuesday: Release of the December ISM Manufacturing PMI data.
- Wednesday: Prepare for the December ADP Nonfarm Employment report and November’s JOLTS Job Openings data.
- Friday: The month-end December Jobs Report and Consumer Sentiment data.
Market Insights: The total cryptocurrency market cap rose nearly 2% to reach $3.25 trillion, fueled by Bitcoin leading gains, jumping above $93,000 in Asian trading.
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