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Cryptocurrency traders and investors are bracing for a potentially volatile week as Bitcoin (BTC) price hovers above the $63,000 level.
The Federal Open Market Committee (FOMC) is scheduled to release its minutes on Wednesday, which will shed further light on the central bank’s views on monetary policy.
Bitcoin and other risk-on assets have rallied sharply following the Federal Reserve’s big interest rate cut last month.
Earlier this month, the price of the original cryptocurrency exceeded $66,000.
Market participants now expect the Fed to announce another rate cut after its November meeting.
Apart from the FOMC meeting, markets will also be focusing on some important macro data, including unadjusted Consumer Price Index (CPI) rates to be released on Thursday.
The Bureau of Labor Statistics also releases the Producer Price Index (PPI) and unemployment insurance claims. This important data helps gauge the strength of the U.S. economy.
Last week, it was reported that the number of Americans filing for unemployment benefits was increasing. This indicates that the labor market may be starting to experience some strain under the weight of rising interest rates.
However, job openings actually managed to recover in August, which was treated as a sign of a fairly resilient job market.
The chances of a 50 basis point rate cut in November are currently quite slim, with only 7% of traders betting on that possibility.
