As we do every Sunday, we’re examining the significant events approaching on the last Sunday of 2023, December 31st. Throughout the year, we’ve alerted investors every Sunday to prepare for volatile days ahead. The next two weeks are poised to host the year’s most critical developments, so investors need to wake up prepared on the morning of January 1st, immediately after the holiday.
At the time of writing, Bitcoin‘s price is at $42,200, and the market is bracing for a massive volatility wave due to a significant decrease in open positions. Those who believed that the ETF approval would trigger a “sell the news” event have already made their sales, causing rallies in altcoins to subside. But what exactly awaits the markets in terms of day and hour?
The New Year’s holiday marks the beginning of the week, followed by the unveiling of Bounce (AUCTION)’s 2024 roadmap, and significant unlocking of funds in OP and DYDX. The subsequent days will witness the release of crucial data such as the US Manufacturing PMI, Turkish inflation rates, and the US JOLTS report. Midweek, attention will turn to the Federal Reserve’s minutes, which may signal the timing of interest rate adjustments.
Thursday will bring more US data with the ADP Employment Report and Unemployment Claims, followed by the Service PMI. Friday’s focus will be on the Eurozone inflation figures and several key US labor market indicators, including Average Hourly Earnings, Nonfarm Employment, and the Unemployment Rate. Additionally, the unlocking of GAL funds is scheduled.
Investors should pay close attention to Friday’s employment data as it could be a significant indicator of the Federal Reserve’s timeline for interest rate cuts. The market saw some decline due to the last set of unfavorable data. In the upcoming Fed minutes, we’ll look for signals of a pivot similar to the one at the beginning of 2022, but in the opposite direction.
The potential approval news of a Spot Bitcoin ETF will be the week’s most critical development, potentially impacting market sentiment and investment strategies.