From GDP to Bitcoin: Connecting the Dots in This Week’s Economic Calendar

There is another busy week ahead on the US economic events calendar as markets are still digesting last week’s Federal Reserve meeting. Moreover, crypto markets have been quiet over the weekend but are starting to see red during Monday morning trading in Asia.

Macroeconomics outlet The Kobeissi Letter listed the key economic events for the United States for the week beginning December 18. Some of the expected reports will paint a clearer picture of consumer sentiment, one of the main driving forces of the US and global economy.

Economic Calendar This Week

Last week, the Fed’s dovish pivot sparked a rally that propelled stock and crypto markets upwards. However, things have started to cool again for digital assets, with Bitcoin struggling to break resistance.

Monday and Tuesday will see housing and building data, which is likely to remain unchanged and has no impact on crypto markets.

On December 21, the GDP Growth Annualized report for Q3 will be released. Furthermore, this will provide a final reading of the US economy’s health in the previous quarter,

The third report reading is expected to be unchanged from Q2, which showed a 5.2% annualized rate of economic expansion.

Read more: 7 Must-Have Cryptocurrencies for Your Portfolio Before the Next Bull Run

Thursday will also see initial jobless claims, the Philadelphia Fed manufacturing survey, and leading US economic indicators.

Friday sees the release of November’s Core Personal Consumption Expenditures (PCE). The report reflects the average amount of money consumers spend monthly. Moreover, it is used by central bank policymakers as their primary gauge of inflation. It is expected to follow inflation declines, with a forecast fall to 3.2%.

A University of Michigan Consumer Sentiment Index will also be published on Friday. The report is the result of a monthly survey of consumer confidence levels and views on long-term inflation. However, the index is expected to remain unchanged from November’s levels.

Crypto Markets Retreat

Crypto markets are unlikely to be impacted by any of this week’s key economic events in the US.

However, total capitalization started to retreat during Monday morning’s Asian trading session, with a 2.5% drop to $1.61 trillion. Moreover, crypto markets have shed around $100 billion or 6% since their 2023 high earlier this month.

Following a big options expiry, Bitcoin has dropped 2.3%, most of it in the last six hours, to $40,963 at the time of writing.

BTC/USD 24 hours. Source: BeInCrypto

As usual, altcoins were getting hit harder, with Solana, Cardano, Avalanche, Polkadot, and Shiba Inu losing more than 5% each.

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