As the new year begins, crypto enthusiasts and mainstream investors are closely monitoring key economic reports from the United States.
The emphasis is on traditional financial indicators and the burgeoning crypto market, where Bitcoin’s recent surge has sparked considerable interest.
Investors are especially interested in upcoming reports that provide insight into the state of the US economy. The Institute for Supply Management’s December ISM Manufacturing PMI report is scheduled for release on Wednesday.
This report is an important indicator for investors because it provides a snapshot of the overall health of the US manufacturing sector.
Furthermore, the minutes of the Federal Open Market Committee (FOMC) meeting from December are expected to be released on January 3.
These minutes provide useful information about the Federal Reserve’s decisions and plans, including potential changes in monetary policies and interest rates.
The December ISM Services PMI report, which accounts for roughly 80% of US GDP, will be released on January 5. This report is critical for forecasting GDP growth and inflation trends.
The US Bureau of Labor Statistics will also take center stage on Friday when it releases job and unemployment figures.
This data provides an important indicator of the employment landscape in the United States, influencing perceptions of economic health.
The crypto market has seen a significant surge as a result of the anticipation of these economic reports. Crypto investors are eagerly awaiting the approval of a Bitcoin exchange-traded fund (ETF) early this year.
The total market value has risen to $1.82 trillion, the highest level in 20 months.
Bitcoin, the flagship crypto, rose 7.5% to $45,500, its highest level since March 2022. Ethereum gained 5% as well, reaching $2,389.
Other top-performing crypto, such as Solana (SOL), Cardano (ADA), Avalanche (AVAX), and Polkadot (DOT), saw gains of more than 6%.
