This week, the release of U.S. economic indicators and the U.S.-China trade conflict are expected to have a significant impact on the cryptocurrency market.
In the United States, major employment indicators such as the manufacturing PMI, JOLTS job openings, and ADP employment report are scheduled to be announced in succession. In particular, a speech by Jerome Powell, the Federal Reserve (Fed) Chairman, is also planned, which is expected to provide hints about the direction of monetary policy.
Meanwhile, the U.S.-China trade conflict appears to be escalating again. The Chinese government warned that "it will take strong measures if the United States infringes on its interests." This is a response to Treasury Secretary Yellen's criticism that "China is not properly fulfilling its agreed product supply."
The cryptocurrency market saw a market capitalization of $130 billion (approximately 178.1 trillion won) evaporate last week. Bitcoin (BTC) dropped to $104,000 and then encountered resistance at the $105,800 level. Ethereum (ETH) recovered to $2,500 but is hovering at this level.
Market experts said, "The economic indicators to be announced this week, Powell's remarks, and U.S.-China relations will be major variables in the market," and predicted that "volatility is likely to expand."
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