{"id":564869,"date":"2023-12-11T20:00:45","date_gmt":"2023-12-11T20:00:45","guid":{"rendered":"https:\/\/wncen.com\/?p=564869"},"modified":"2024-06-11T08:13:44","modified_gmt":"2024-06-11T08:13:44","slug":"bitcoin-price-major-events","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-major-events\/","title":{"rendered":"Bitcoin Price In Turmoil: Major Events That Could Affect Price This Week"},"content":{"rendered":"<p><a href=\"https:\/\/bitcoinist.com\/bitcoin-short-term-holders-4-5-profits-nov-2021\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">The flagship cryptocurrency, Bitcoin<\/span><\/a><span style=\"font-weight: 400\">, is currently flying high on the back of potential approval of the pending <\/span><a href=\"https:\/\/bitcoinist.com\/sec-demands-spot-bitcoin-etf-kill-switch-experts\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Spot Bitcoin ETF applications<\/span><\/a><span style=\"font-weight: 400\"> in January. However, this upward trend could cool off as this prominent crypto analysis platform outlined key events that are set to happen this week.<\/span><\/p>\n<h2>\u201cHuge Week Ahead\u201d For Bitcoin<\/h2>\n<p><span style=\"font-weight: 400\">In a <\/span><a href=\"https:\/\/x.com\/KobeissiLetter\/status\/86027110?s=20\" rel=\"nofollow\"><span style=\"font-weight: 400\">post<\/span><\/a><span style=\"font-weight: 400\"> shared on their X (formerly Twitter) platform, The Kobeissi Letter noted that the November CPI Inflation data is coming in this week. Specifically, it is set to be released on December 12. Meanwhile, The <\/span><a href=\"https:\/\/bitcoinist.com\/fed-decision-bitcoin-price\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Federal Open Market Committee<\/span><\/a><span style=\"font-weight: 400\"> (FOMC) is scheduled to meet on December 12 and 13.<\/span><\/p>\n<p><span style=\"font-weight: 400\">These two events are <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-plunges-ahead-of-critical-us-inflation-data-release-what-to-expect\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">significant for Bitcoin\u2019s price<\/span><\/a><span style=\"font-weight: 400\">. The CPI inflation data is usually a factor in the FOMC\u2019s decision on whether or not to increase interest rates in its fight against inflation. A dovish stance is seen as bullish for the markets (including Bitcoin), while a hawkish one <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-recovers-on-fed-hike\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">usually affects the market negatively<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Therefore, all eyes will be on the inflation data and whether or not the FOMC will choose to raise the interest rates. The Federal Reserve Chairman Jerome Powell had <\/span><a href=\"https:\/\/www.cnbc.com\/2023\/12\/01\/fed-chair-powell-calls-talk-of-cutting-rates-premature-and-says-more-hikes-could-happen.html\" rel=\"nofollow\"><span style=\"font-weight: 400\">recently stated<\/span><\/a><span style=\"font-weight: 400\"> that talks about rate cuts are still \u201cpremature,\u201d although he admitted that \u201cinflation is moving in the right direction.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">The financial markets reacted positively to Powell\u2019s remarks, with many experts of the opinion that the Feds are raising the interest rates and would possibly stick to the current rates between the range of 5.25 to 5.50 percent. If that happens, there is a high chance that <\/span><a href=\"https:\/\/bitcoinist.com\/fed-decision-bitcoin-price\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bitcoin\u2019s price will react positively<\/span><\/a><span style=\"font-weight: 400\"> to it.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/zxaEa0RI\/\" alt=\"Bitcoin price chart from Tradingview.com\" width=\"3266\" height=\"1530\"><\/p>\n<pre style=\"text-align: center\">BTC price recovers above $42,000 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/pre>\n<h2>Other Inflation Indicators To Watch Out For<\/h2>\n<p><span style=\"font-weight: 400\">The <\/span><a href=\"https:\/\/bitcoinist.com\/blockbuster-week-bitcoin-crypto-must-watch-events\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">OPEC Monthly Report<\/span><\/a><span style=\"font-weight: 400\"> and November Producer Price Index (PPI) Inflation data are also set to be released on December 13. These two events <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-crypto-forecast-3-game-changing-events\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">are also known<\/span><\/a><span style=\"font-weight: 400\"> to have a significant effect on Bitcoin\u2019s price as they are key inflation indicators.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">For one, the OPEC monthly report contains issues affecting the world oil market. It will also show whether there has been a significant increase in oil prices and the key supply and demand metric. An increase in oil prices could be bad news for Bitcoin as this would mean that inflation is still on the high which could lead to higher interest rates.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/why-is-bitcoin-price-up-today-2\/\"><span style=\"font-weight: 400\">PPI inflation data<\/span><\/a><span style=\"font-weight: 400\"> is also key. Some even argue that it is more important than the CPI inflation data since the producers indirectly determine how much consumers pay for these goods. An increase in the PPI inflation data also suggests that inflation is on the high. That would also be a factor when the Feds decide whether to raise interest rates or not.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin is trading at around $42,100, down by over 3% according to <\/span><a href=\"https:\/\/coinmarketcap.com\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">data<\/span><\/a><span style=\"font-weight: 400\"> from CoinMarketCap.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Featured image from The Conversation, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The flagship cryptocurrency, Bitcoin, is currently flying high on the back of potential approval of the pending Spot Bitcoin ETF applications in January. However, this upward trend could cool off as this prominent crypto analysis platform outlined key events that are set to happen this week. \u201cHuge Week Ahead\u201d For Bitcoin In a post shared on their X (formerly Twitter) platform, The Kobeissi Letter noted that the November CPI Inflation data is coming in this week. Specifically, it is set to be released on December 12. Meanwhile, The Federal Open Market Committee (FOMC) is scheduled to meet on December 12 and 13. These two events are significant for Bitcoin\u2019s price. The CPI inflation data is usually a factor in the FOMC\u2019s decision on whether or not to increase interest rates in its fight against inflation. A dovish stance is seen as bullish for the markets (including Bitcoin), while a hawkish one usually affects the market negatively.\u00a0 Therefore, all eyes will be on the inflation data and whether or not the FOMC will choose to raise the interest rates. The Federal Reserve Chairman Jerome Powell had recently stated that talks about rate cuts are still \u201cpremature,\u201d although he admitted that \u201cinflation is moving in the right direction.\u201d The financial markets reacted positively to Powell\u2019s remarks, with many experts of the opinion that the Feds are raising the interest rates and would possibly stick to the current rates between the range of 5.25 to 5.50 percent. If that happens, there is a high chance that Bitcoin\u2019s price will react positively to it.\u00a0 BTC price recovers above $42,000 | Source: BTCUSD on Tradingview.com Other Inflation Indicators To Watch Out For The OPEC Monthly Report and November Producer Price Index (PPI) Inflation data are also set to be released on December 13. These two events are also known to have a significant effect on Bitcoin\u2019s price as they are key inflation indicators.\u00a0 For one, the OPEC monthly report contains issues affecting the world oil market. It will also show whether there has been a significant increase in oil prices and the key supply and demand metric. An increase in oil prices could be bad news for Bitcoin as this would mean that inflation is still on the high which could lead to higher interest rates.\u00a0 The PPI inflation data is also key. Some even argue that it is more important than the CPI inflation data since the producers indirectly determine how much consumers pay for these goods. An increase in the PPI inflation data also suggests that inflation is on the high. That would also be a factor when the Feds decide whether to raise interest rates or not.\u00a0 At the time of writing, Bitcoin is trading at around $42,100, down by over 3% according to data from CoinMarketCap. Featured image from The Conversation, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":564880,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-564869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Bitcoin Price In Turmoil: Major Events That Could Affect Price This Week<\/title>\n<meta name=\"description\" content=\"Bitcoin, is currently flying high on the back of potential approval of the pending Spot Bitcoin ETF applications in January.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price In Turmoil: Major Events That Could Affect Price This Week","url":"http:\/\/wncen.com\/news\/bitcoin-price-major-events\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-major-events\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Bitcoin-Small.jpeg?resize=200%2C199","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Bitcoin-Small.jpeg?fit=320%2C199"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2023-12-11T20:00:45Z","datePublished":"2023-12-11T20:00:45Z","dateModified":"2024-06-11T08:13:44Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price In Turmoil: Major Events That Could Affect Price This Week\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-major-events\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-major-events\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Bitcoin-Small.jpeg?resize=200%2C199\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Bitcoin-Small.jpeg?fit=320%2C199\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2023-12-11T20:00:45Z\",\"datePublished\":\"2023-12-11T20:00:45Z\",\"dateModified\":\"2024-06-11T08:13:44Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Bitcoin-Small.jpeg?fit=320%2C199","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/564869"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=564869"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/564869\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/564880"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=564869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=564869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=564869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}